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TMI Blog2002 (3) TMI 944X X X X Extracts X X X X X X X X Extracts X X X X ..... san, Advocates, with him) for the Petitioner; M.A Krishnamoorthy, M.A Chinnasamy and S. Thananjayan, Advocates, for the Respondent. Order 1. One of the contentions which arises for consideration is whether the contractual rate of interest should have been awarded in the instant case. Mr K.N Raval contends that the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 has an overri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xceeding 6 per cent per annum) shall be awarded on such principal sum". This seems to indicate that interest pendente lite and post-decree cannot be awarded in excess of 6 per cent per annum and furthermore in paragraph 55(8) (at SCC p. 404) there is also an observation that the "award of interest pendente lite and post-decree is discretionary with the court as it is essentially governed by Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding of interest arising out of a commercial transaction. 4. Under the circumstances, we think it appropriate that this case is heard by a larger Bench, inasmuch as the interpretation of the proviso to Section 34(1) CPC is clearly involved and there should be no observations made in this case which are in conflict with the decision in Central Bank of India v. Ravindra. 5. Papers be placed before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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