https://www.taxtmi.com/caselaws?id=109019 Section 21A of the Banking Regulation Act bars reopening a bank-loan transaction on the ground that the agreed rate of interest is excessive, so the contractual interest rate cannot be reduced by a court or prescribed authority under general civil procedure powers. In a mortgage-backed banking transaction, the bank was therefore entitled to recover interest in accordance with the contract rather than a reduced rate of 6.5% per annum. The legal position applied is that special banking legislation prevails over general provisions concerning interest, and the contracted rate governs the claim from the date of suit until realisation. en-us Tue, 29 Aug 2000 00:00:00 +0530 Thu, 05 Apr 2012 14:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109019 Section 21A of the Banking Regulation Act bars reopening a bank-loan transaction on the ground that the agreed rate of interest is excessive, so the contractual interest rate cannot be reduced by a court or prescribed authority under general civil procedure powers. In a mortgage-backed banking transaction, the bank was therefore entitled to recover interest in accordance with the contract rather than a reduced rate of 6.5% per annum. The legal position applied is that special banking legislation prevails over general provisions concerning interest, and the contracted rate governs the claim from the date of suit until realisation. Case-Laws Companies Law Tue, 29 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109019