Power to vary interest rates lets credit institutions increase contracted interest to pass on interest-tax liability arising under the Act. Credit institutions may amend pre-existing term-loan agreements to increase the agreed interest rate to the extent of the institution's liability for interest-tax on interest due; this power applies notwithstanding contrary terms in agreements sanctioned before the specified cut-off date, and 'term loan' means a loan not repayable on demand.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to vary interest rates lets credit institutions increase contracted interest to pass on interest-tax liability arising under the Act.
Credit institutions may amend pre-existing term-loan agreements to increase the agreed interest rate to the extent of the institution's liability for interest-tax on interest due; this power applies notwithstanding contrary terms in agreements sanctioned before the specified cut-off date, and "term loan" means a loan not repayable on demand.
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