https://www.taxtmi.com/caselaws?id=284614 The court ruled in favor of the plaintiff for the recovery of the principal amount for machinery supplied, along with interest. The defendants' claims of inferior quality and an interest-free installment agreement were not proven. Directors were not held personally liable for the company's debts, as no piercing of the corporate veil was established. The court adjusted the interest rate to 9% per annum for future payments, rejecting the initial 24% rate. The plaintiff was granted a decree for the principal amount with specified interest rates, while the suit against the directors was dismissed. en-us Thu, 08 Feb 2018 00:00:00 +0530 Wed, 15 Jan 2020 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284614 The court ruled in favor of the plaintiff for the recovery of the principal amount for machinery supplied, along with interest. The defendants' claims of inferior quality and an interest-free installment agreement were not proven. Directors were not held personally liable for the company's debts, as no piercing of the corporate veil was established. The court adjusted the interest rate to 9% per annum for future payments, rejecting the initial 24% rate. The plaintiff was granted a decree for the principal amount with specified interest rates, while the suit against the directors was dismissed. Case-Laws Indian Laws Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284614