https://www.taxtmi.com/caselaws?id=200366 Section 21-A of the Banking Regulation Act, 1949 bars reopening any loan transaction between a banking company and its debtor on the ground that the interest charged is excessive, notwithstanding the Usurious Loans Act, 1918 or any other law relating to indebtedness. The prior relief available under Section 3 of the Usurious Loans Act, based on excessive interest and substantial unfairness, is displaced in banking transactions covered by Section 21-A. The provision also applies to pending proceedings, so claims seeking reconsideration of bank lending terms on the basis of excessive interest cannot be maintained. en-us Mon, 23 Sep 1985 00:00:00 +0530 Tue, 27 Mar 2018 10:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200366 Section 21-A of the Banking Regulation Act, 1949 bars reopening any loan transaction between a banking company and its debtor on the ground that the interest charged is excessive, notwithstanding the Usurious Loans Act, 1918 or any other law relating to indebtedness. The prior relief available under Section 3 of the Usurious Loans Act, based on excessive interest and substantial unfairness, is displaced in banking transactions covered by Section 21-A. The provision also applies to pending proceedings, so claims seeking reconsideration of bank lending terms on the basis of excessive interest cannot be maintained. Case-Laws Indian Laws Mon, 23 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200366