https://www.taxtmi.com/caselaws?id=200365 Section 21-A of the Banking Companies Regulation Act was analysed as a limited bar on reopening banking transactions merely because the interest rate was excessive, and was contrasted with the A.P. Agriculturists Relief Act, 1938 and the Usurious Loans Act, 1918, which operate on separate grounds such as statutory interest ceilings, prohibition of compound interest, and substantially unfair transactions. On that reasoning, Section 21-A did not override the State enactments in their application to agriculturist debtors. The provision was also stated to be beyond Parliamentary competence in substance, as relief of agricultural indebtedness was treated as a distinct State subject, and to offend Article 14 for withdrawing debtor defences against harsh lending terms. en-us Wed, 16 Oct 1985 00:00:00 +0530 Tue, 27 Mar 2018 10:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200365 Section 21-A of the Banking Companies Regulation Act was analysed as a limited bar on reopening banking transactions merely because the interest rate was excessive, and was contrasted with the A.P. Agriculturists Relief Act, 1938 and the Usurious Loans Act, 1918, which operate on separate grounds such as statutory interest ceilings, prohibition of compound interest, and substantially unfair transactions. On that reasoning, Section 21-A did not override the State enactments in their application to agriculturist debtors. The provision was also stated to be beyond Parliamentary competence in substance, as relief of agricultural indebtedness was treated as a distinct State subject, and to offend Article 14 for withdrawing debtor defences against harsh lending terms. Case-Laws Indian Laws Wed, 16 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200365