Supreme Court · 2010 INSC 665 · Decided 1 October 2010
Punjab and Sind Bank v. M/S. Allied Beverage Company PVT. LTD. and ORS.
- Court
- Supreme Court of India
- Citation
- 2010 INSC 665 · [2010] 11 S.C.R. 1123
- Case number
- CIVIL APPEAL No. 8443/2010
- Decided
- 1 October 2010
- Bench
- P. SATHASIVAM, B.S. CHAUHAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- CPC Section 34
Headnote
A B Interest: Rate of interest - Cash credit facility granted by Bank to a Company - Company suffered losses - Its account C with Bank declared as Non-performing Assets - Recovery suit - ORT directed Company to pay outstanding dues alongwith 18% p.a. thereon with monthly rests - High of the ORT by reducing the pendente lite and future interest to 14% p.a. with 12 monthly rests - Held: High Court D fairly neutralized the claim of the Bank as well as the sufferings of the Company and passed a workable order by reducing the rate of interest to 14% p.a. which would be simple
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