https://www.taxtmi.com/caselaws?id=193229 A clause in a kuri hypothecation bond allowing the foreman, on default of any instalment, to recover the entire balance with interest was held valid and enforceable. The court treated the prized subscriber's liability as a debt in praesenti payable by instalments only as a concession, so the default clause merely accelerated an already existing obligation and did not amount to a penalty under Section 74 of the Indian Contract Act, 1872. The plea that the clause was unconscionable also failed because the subscribers entered the arrangement voluntarily and no domination of will or unfair advantage was shown. en-us Fri, 11 Oct 1974 00:00:00 +0530 Wed, 19 Jul 2017 10:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193229 A clause in a kuri hypothecation bond allowing the foreman, on default of any instalment, to recover the entire balance with interest was held valid and enforceable. The court treated the prized subscriber's liability as a debt in praesenti payable by instalments only as a concession, so the default clause merely accelerated an already existing obligation and did not amount to a penalty under Section 74 of the Indian Contract Act, 1872. The plea that the clause was unconscionable also failed because the subscribers entered the arrangement voluntarily and no domination of will or unfair advantage was shown. Case-Laws Indian Laws Fri, 11 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193229