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2002 (12) TMI 505 - SC - Companies LawWhether defendants have agreed to pay interest at 5 per cent per annum above the Reserve Bank of India rate subject to minimum of 11 per cent per annum, to be compounded quarterly?Rates of interest charged by banking companies? - Held that:- The trial court as well as the High Court were clearly in error in refusing interest as claimed by the plaintiff Bank. Hence, this appeal is entitled to succeed. The impugned judgment and decree confirming the judgment and decree of trial court so far they relate to refusal of interest at the rate claimed by Bank is set aside and the decree of the trial court as affirmed by the High Court stand modified to that extent. In other words, the plaintiff’s suit is decreed for Rs. 16,15,091.05 instead of only for Rs. 9,82,263.47 and the decree of the trial court is modified on this basis while maintaining the current and future rates of interests as ordered by the trial court
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