Court : Mumbai
Reported in : AIR1994Bom291; 1995(2)BomCR359
..... from the plain reading of the above section it is abundantly clear that in respect of the period from the date of the suit to the date of the decree, the court may order interest at such rate as the court deems reasonable and the court can order further interest for the period from the date of the decree to the date of payment at a rate which shall not exceed six per cent per annum. ..... exceeding six per centper annum as the court deems reasonable on such principal sum, from the date of the decree to the date of payment.....provided that where the liability in relation to the sum adjudged had arisen out of a commercial transaction, the rate of such further interest may exceed six per cent per annum, but shall not exceed the contractual rate of interest or where there is no contractual rate...explanation i : ...explanation ii : for the purpose ..... 1 and 2 and they were directed to pay the above amount with further interest at the rate of 5% per annum on the principal amount of rupees 28,000/- from the date of the suit till the date of payment. ..... (1) where and in so far as a decree is for the payment of money, the court may, in the decree, order interest at such rate as the court deems reasonable to be paid on the principal sum adjudged, from the date of the suit to the date of decree..... ..... 1 and 2 to pay interest from the date of the suit till the date of payment at 11% per annum on the principal sum of rs. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1994Bom343; 1994(1)BomCR537; 1994(1)MhLj198
..... (1) where and in so far as a decree is for the payment of money, the court may, in thedecree, order, interest at such rate as the court deems reasonable to be paid the principal sum adjudged, from the date of the suit to the date of the decree, in addition to any interest adjudged on such principal sum for any period prior to the institution of the suit, with further interest at such rate not exceeding six per cent per annum as the court deems reasonable on such principal sum ..... , from the date of the decree to the date of payment, or to such earlier date as the court thinks fit:provided that where the liability in relation to the sum so adjudged had arisen out of a commercial transaction, the rate of such further interest may exceed six per cent, per annum but shall not exceed the contractual ..... while considering the claim of the bank for recovery of the loan granted for the factory, this court rightly treated that loan was for the commercial purpose, and granted the interest in excess of 6 per cent as demanded by the bank in that case.10. ..... asthe loan advanced was for the commercialpurpose and as such the rate of interest shouldhave been to the extent of 15 per cent p.a. ..... 1 was for commercialpurpose and interest should have beengranted at the rate of 15 per cent per annum asdemanded by the plaintiff-bank. ..... this first appeal raises a point of interest, and, importance.2. .....
Tag this Judgment!Court : Mumbai
Reported in : 1993(3)BomCR371
..... act, the state government may, by order published in the official gazette, and subject to such conditions and restrictions, if any, and for such period or periods, as may be specified in the order, direct that the provisions of this act shall not apply to any specified factory or establishment or to any specified class of factories or establishments in any industry, if it is satisfied that it is just and proper so to do in the public interest or for any special reasons having regard to the more favourable conditions of employment ..... take for example, the security guards act, the payment of bonus act, the provident fund act, the payment of the gratuity act, the employees' state insurance act, the employees' provident fund act, the minimum wages act. ..... (6) several legislations like the employees' state insurance act, the payment of bonus act, the payment of gratuity act, the employees' provident fund act have put ceiling on the entitlements and hence phenomenon is not new. ..... patna electric supply workers' union : (1959)iillj366sc , may be noticed :'besides, a scheme of wages properly fixed necessarily takes into account house-rent amongst other relevant facts, and under a proper scheme of dearness allowance adjustments can be made when necessary from time to time so as to take into account an appreciable rise in the rents which industrial labour may have to pay. .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(1)BomCR371; [1997]90CompCas518(Bom)
..... . it is interesting in this connection to note that the plaintiffs rejected the documents in november,1985, on the ground of discrepancies, and thereafter, shamlal went abroad and claims to have discovered the alleged fraud.the claim for the insurance amount was lodged in february, 1986,and shri kapadia had to concede that lodgment of the claim was after full knowledge of the alleged discrepancies and the fraud.in our judgment, the fact of lodgment of the insurance claim by ..... reason underlying the rule is that the advising bank is a special agent of the issuing bank and the latter is a special agent of the buyer; if such agent, who hada limited authority, acts outside his authority, the principal is entitled to disown the act of the agent, who cannot recover from him and has to bear the commercial risk of the transaction.the rule was referred to in bank melli ..... second contract is between the buyer and the issuing bank and is a contract also between principal and principal for it is a pure bank- ..... credit;(b) to make payment either itself or through a confirming bank (to payor to accept or to negotiate bills of exchange drawn by the seller) against the presentation of stipulated documents;(c) the buyer agrees to reimburse the issuing bank; and(d) until the issuing bank is reimbursed the bill of lading and other documents become the security of the issuing bank.the third contract is between the issuing bank and the confirming bank and that is a contract between principal and agent. .....
Tag this Judgment!Court : Mumbai
Reported in : (1993)95BOMLR412
..... in our judgment, the contention that the insurance claim was lodged only as a protective action and without prejudice is nothing but a false explanation to wriggle out of the stand taken by the plaintiffs that the title to the goods vests in the plaintiffs, it is interesting in this connection to note that the plaintiffs rejected the documents in november, 1985, on the ground of discrepancies, and thereafter, shamlal went abroad and claims to have discovered the alleged fraud. ..... the reason underlying the rule is that the advising bank is a special agent of the issuing bank and the latter is a special agent of the buyer ; if such agent, who had a limited authority, acts outside his authority, the principal is entitled to disown the act of the agent, who cannot recover from him and has to bear the commercial risk of the transaction. ..... the second contract is between the buyer and the issuing bank and is a contract ' also between principal and principal for it is a pure bank-customer relationship. ..... it was contended that even assuming that there were discrepancies in the documents presented to swiss bank, still the liability of swiss bank is only to canara bank who are the principals and swiss bank owes no duty or care to the plaintiffs. ..... it is now well-settled that the relationship between the issuing bank and the confirming bank is principal to agent and there is no privity between the purchaser or opener of the letter of credit and the confirming bank. .....
Tag this Judgment!Court : Mumbai
Reported in : 1996(5)BomCR338
..... it is well settled that when the parties have agreed that the interest upon the principal sum should be paid at a particular rate, simple or compound, the said rate is not normally departed from by the court in granting future interest from the date of the suit till the date of decree under section 34 of the c.p.c ..... it is held that there is an express promise to pay the time barred debt within the meaning of section 25(3) of the contract act, the said acknowledgment would be an agreement and there would be a fresh period of limitation from the date of the said acknowledgment within which period the suit of the plaintiff bank is within time. ..... , according to him, deducting the sum paid towards the said principal amount the original sum upon which the interest has to be given under section 34 of the c.p.c. ..... however, since it is clear that an acknowledgment executed by the guarantor was not binding upon the principal debtor, the question which has to be considered for the purpose of extension of the limitation is whether the acknowledgement executed by the defendant no. 1 ..... clause 3 of section 25 of the contract act shows that the agreement made without consideration would not be void if it is a promise made in writing and signed by the person to be charged therewith, or by his agent generally or specially authorised in that behalf, to pay wholly or in part a debt of which the creditor might have enforced payment but for the law for the limitation ..... on account of insurance premium etc. .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(3)BomCR387; (1992)94BOMLR589
..... the learned trial judge decreed both the suits but ordered the appellant bank to reopen the accounts and charge interest at 10% per annum with quarterly rests on the principal amount right from the inception of the accounts and in compounding manner for the defaulted period on the amount accrued due from time to time till the ..... /partners executed a demand promissory note on 26-9-1975 agreeing to pay the amount jointly and severally with interest at 4% over the reserve bank rate with minimum of 131/2 % per annum with ..... trial court has awarded future interest at 6% per annum on the principal sum from the date of ..... till the period of redemption expires the matter is considered to be in the domain of contract and the interest has to be paid at the contractual rate but after the period of redemption has expired the matter passes on from the domain of ..... it seems that the provisions was enacted with a purpose and that purpose is to avoid different views being taken by various courts in the matter of re-opening of the accounts of transactions between the nationalised banks and its debtors despite the fact that the rate of interest is charged by them in accordance with the circulars issued by ..... that section 21-a of the banking regulation act, 1918 is applicable even to pending appeals and second appeals and courts are prohibited from entertaining the plea to re-open a transaction between a debtor and a banking company on charging excessive interest under the provisions of usurious loans act. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1992Bom482; 1992(3)BomCR61; (1992)94BOMLR204; [1993]76CompCas494(Bom)
..... interest added to principal as interest becomes due and thereafter made to bear interest ..... account be taken of what was due to the plaintiff at the date of s'uch decree for - (i) principal and interest on the mortgage, (ii) the costs of the suit, if any, awarded to him, and (iii) other costs, charged and expenses properly incurred by him up to that date in respect of his mortgage-security, together with the interest thereon; or (b) declaring the amount so due at that date; and (c) directing (i) that, if the defendant pays into court the amount so found or declared due on or before ..... of civil procedure (amendment) act 1956 (act lxvi of 1956) and the words 'with further interest at such rate not exceeding six per cent per annum as the court deems reasonable on such principal sum' were substituted for the words 'with further interest at such rate as the court deems reasonable on the aggregate sum so adjudged', and the words 'on such principal sum' were substituted for the then existing words 'such aggregate sum' ..... other words, this section clearly recognises interest for the period prior to the institution of the suit as 'interest' in contradistinction to 'principal' and provides for award of additional interest for the period from the date of the suit to the date of the decree and further interest from the date of the decree to the date of payment only on the 'principal sum' not on the aggregate amount due on the date of the filing of the suit including interest due if any up to that .....
Tag this Judgment!Court : Mumbai
Reported in : 1992(1)BomCR550; (1992)102CTR(Bom)194; [1992]196ITR55(Bom)
..... accordingly, the total tax and interest payable on such tax has been determined and, after giving credit for the advance tax paid by the company, a demand has been raised on the company for ..... alia, that under the new scheme of assessment, the requirement of passing an assessment order in all cases where returns of income are filed, has been dispensed with and the issue of an acknowledgment slip to the assessee will be the end of the matter, if he had correctly paid tax and interest, if any, due on the basis of the return. ..... that the income-tax officer determines the tax and interest due or refund payable on the basis of the return at the intimation stage and grants it. ..... been made under section 139, or in response to a notice under sub-section (1) of section 142 - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 ..... by the petitioners that it is only under section 143(1)(a) that there is a provision for refund being granted to the assessee, if it is found that the amount paid by the assessee by way of tax and interest is in excess of what is due. ..... in respect of provident fund contributions or life insurance prima or n. s. c. .....
Tag this Judgment!Court : Mumbai
Reported in : II(1992)ACC565; 1992ACJ332
..... it is now a settled principle of law that the claimants for compensation under the motor vehicles act are not possessed of either the insurance policy or copy thereof and it has been consistently emphasized that it is the duty of the' party which is in possession of the document which would be helpful in doing justice in the cause to produce the said document and such party should not be permitted to take shelter behind the abstract doctrine of burden of proof. ..... it is open for the p1ies to apply to the learned judge of the claims tribunal for further and other directions as regards the deposit and payment of money and the judge concerned is at liberty to grant such directions as may be just and proper in the circumstances keeping in view the interest of the minors.16. ..... the respondents are directed to deposit the amount of compensation with interest within eight weeks from the date of the judgment. ..... the learned member of the claims tribunal awarded interest at the rate of six per cent per annum from the date of application ..... 1,00,000/- with interest at 12 per cent per annum from the date of application and proportionate costs as awarded by the learned claims ..... 37,500/-with interest at 6 per cent per annum from the date of application and proportionate costs ..... 20,000/- and interest amount with proportionate costs after deducting the amount already received by ..... more point remains to be decided and that is relating to interest. ..... and(3) at what rate the interest should be made payable .....
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