M/S.Industrial Ventura v. M.S.Rajaram and Another
Case brief
What is this about?
The High Court of Madras in a civil suit for money recovery, observing the transaction was commercial in nature, adjusted the interest rate from 24% to 7% per annum and decreed the defendants to pay the plaintiff a sum of Rs. 50,49,678/- with further interest at 7% p.a. on Rs. 18 Lakhs till realisation.
What did the court decide?
The defendants were ordered to pay Rs. 50,49,678/- with further interest at 7% p.a. on Rs. 18,00,000/- from the date of the decree till realisation and proportional costs.
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
(ORDINARY ORIGINAL CIVIL JURISDICTION)
TUESDAY, THE 17TH DAY OF AUGUST 2021
THE HON'BLE MR. JUSTICE R.SUBRAMANIAN
C.S. No.417 of 2002
M/s. Industrial Venture, Capital Limited. Having its registered office at “Vairams”, No.112, Thyagaraya Road, T.Nagar,Chennai-600 017.
... Plaintiff
Versus
- M.S.Rajaram, S/o.M.Subrahmanyam, 27/6, Second Street, Muniasamypuram, Tuticorin – 628 003.
- Girija Rajaram W/o.Rajaram, 27/6, Second Street, Muniasamypuram, Tuticorin – 628 003. ... Defendants
Civil suit praying that this Hon'ble Court be pleased to a decree and
Issues for consideration
2 issues framed by the court
Whether interest rate in a commercial borrowing suit should be adjusted by the court from the prayed 24% to a lower rate.
The exact quantum of decree amount and further interest at 7% per annum payable by defendants.
Coram
R. Subramaniam
Case details
As recorded by the court registry
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