Respected Experts
A proprietary firm “X” had filed a summary suit against a partnership firm “Y” before city civil court at Bombay for the unpaid dues arising from a commercial contract of hire agreement entered between parties where “Y” did not pay any rupee to the “X” and commercial contract remained unsatisfied, due to which “X” filed a Summary Suit before City Civil Court against “Y” for recovery of amount with interest @18% p.a.
Court awarded at 11% of amount till realization
Due to certain legal reasons, even after suit has been disposed off, my rights as a third party are being created before city court for my 50% rights in suit and decree.
My contention was that since it is commercial transaction, I found 11% a very less rate of interest though legally courts allow 18% interest on amount till realization where transactions are fully commercial arising from contracts. Also Suit was disposed off in 204, and my rights are being brought to the knowledge of city court now, hence Im eager to apprize court or request court to review/revise the interest from 11% to 18% on grounds..
Wil the court allow and is there any other reason apart from reason that it is a commercial contract. Since courts have also stated that rate of interest shall be as per the commercial transactions rates declared by banks,,
Can the court, same court which passed the decree allow for interest rates modification, on what grounds and how.. Please throw some light
Thankyou
