https://www.taxtmi.com/caselaws?id=353115 Excessive interest and lending charges were treated as usurious where advance interest, default interest, minimum interest, pre-closure charges and future interest produced an effective borrowing cost far above the sanctioned loan amount. The note says the debt and default were admitted, but the charging structure was found to be fleecing and unreasonable on the admitted figures. Applying the Usurious Loans Act, 1918, the Tribunal treated the transaction as substantially unfair and declined to permit recovery on those terms in insolvency proceedings, dismissing the petition with liberty to approach the appropriate forum. en-us Wed, 15 Nov 2017 00:00:00 +0530 Wed, 03 Jan 2018 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353115 Excessive interest and lending charges were treated as usurious where advance interest, default interest, minimum interest, pre-closure charges and future interest produced an effective borrowing cost far above the sanctioned loan amount. The note says the debt and default were admitted, but the charging structure was found to be fleecing and unreasonable on the admitted figures. Applying the Usurious Loans Act, 1918, the Tribunal treated the transaction as substantially unfair and declined to permit recovery on those terms in insolvency proceedings, dismissing the petition with liberty to approach the appropriate forum. Case-Laws Insolvency and Bankruptcy Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353115