https://www.taxtmi.com/caselaws?id=200271 A customer who knowingly overdraws a current account and whose cheques are honoured by the bank may be treated as having sought an implied overdraft or loan facility, even without an express oral agreement. On that basis, the bank's recovery claim was maintainable and the earlier finding rejecting liability for want of express agreement was set aside. On interest, the alleged contractual rate was not proved against the defendants, and the reserve bank circular cited did not govern the borrower. The court therefore awarded only reasonable interest, limiting it to 12% per annum from 1 April 1976 until judgment and 6% per annum thereafter until payment. en-us Mon, 01 Apr 1985 00:00:00 +0530 Sat, 24 Mar 2018 15:22:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200271 A customer who knowingly overdraws a current account and whose cheques are honoured by the bank may be treated as having sought an implied overdraft or loan facility, even without an express oral agreement. On that basis, the bank's recovery claim was maintainable and the earlier finding rejecting liability for want of express agreement was set aside. On interest, the alleged contractual rate was not proved against the defendants, and the reserve bank circular cited did not govern the borrower. The court therefore awarded only reasonable interest, limiting it to 12% per annum from 1 April 1976 until judgment and 6% per annum thereafter until payment. Case-Laws Companies Law Mon, 01 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200271