R.Villavankothai v. the Managing Director
Case brief
What is this about?
Appellant appealed an order directing payment of a sum and interest. The court held that since the respondent paid the principal amount nearly ten years late, the appellant is entitled to simple interest at 7% per annum for the delay period.
What did the court decide?
Respondents directed to pay simple interest at the rate of 7% per annum on Rs.4,92,000 for the period from 01.01.2013 to 28.02.2023.