Increase or review of interest rates passed in summary suit
Querist :
Anonymous
(Querist) 18 December 2017
This query is : Resolved
Respected Experts
A partnership firm "X" had obtained a decree in Summary Suit against another partnership firm "Y" in the year 2014 for payment of sum with interest @11%. Though "X" wanted a decree with 18% p.a.
Due to some reason, my interests have been created in the Summary Suit and Decree. I wanted to take in steps to get the interest rate reviewed/increased since it was a commercial transaction and ample losses have been incurred on account of negligence of "Y" firm.
it has been learnt online that a court can pass decree for 18% interest p.a. and/or as per the prevailing interest rates of banks for commercial transactions..And many courts including high courts approve decretal amount recovery with 18% pa till realization of suit amount.
it would be grateful if experst could advise if:
1. One can seek review/increase of rates before the same civil court on certain grounds
or what other reliefs or steps required to challenge
Please advise best possible
P. Venu
(Expert) 19 December 2017
The matter requires professional consultation.
