Rate if interesr
jeetendra patel
(Querist) 16 October 2011
This query is : Resolved
DEAR COLLEAGUE, I HAVE FILED A SUIT FOR RECOVERY AGAINST A COMPANY.EX PARTE ORDER CAME TO BE PASSED.I HAVE FOLLOWING QUERY.
I CLAIMED 18% P.A. RATE OF INTEREST FROM DATE OF DEMAND.i.e. ALMOST PRIOR TO 3 YEARS OF FILING OF SUIT TILL ACTUAL REALISATION.THERE IS NO WRITTEN AGREEMENT REGARDING RATE OF INTEREST.COURT HAS POWER/DISCRETION TO GRANT THE SAME AS PER SECTION 34 C.P.C.ANY CITATION IN CASE OF EXPARTE WHERE ALL CONTENTION GONE UNCHALLENGED TO GRANT SAID INTEREST FROM DEMAND TILL ACTUAL REALISATION WHERE I AM CLAIMING THE SAID INTEREST AND ALSO CONTENDING AS PER USUAL TRADE AND CUSTOM.
ajay sethi
(Expert) 16 October 2011
you have claimed interest at the rate of 18%. there is no written agreement to pay interest at 18%.
in such acse it is at the dsicretion of court to award interest . generally courts award interest from date of filing of suit in such case .
unbale to find any citation wherein interest cna be claimed at 18%from date of legal notice
Raj Kumar Makkad
(Expert) 16 October 2011
If unchallenged plaints should be accepted by courts in to-to then the picture of legal system shall deteriorated to the lowest level. Court despite of ex-parte order has to see merits of the case put forth by plaintiff. There is no agreement of claimed interest in your favour so court shall not accept it and normal prevailing rate of 9% shall be awarded in your favour and it can be awarded from 3 years prior to filing of suit, if suit otherwise is within limitation and you prove it.
