2002 (3) TMI 944

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....an, Advocates, with him) for the Petitioner; M.A Krishnamoorthy, M.A Chinnasamy and S. Thananjayan, Advocates, for the Respondent. Order 1. One of the contentions which arises for consideration is whether the contractual rate of interest should have been awarded in the instant case. Mr K.N Raval contends that the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 has an overrid....

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....ceeding 6 per cent per annum) shall be awarded on such principal sum". This seems to indicate that interest pendente lite and post-decree cannot be awarded in excess of 6 per cent per annum and furthermore in paragraph 55(8) (at SCC p. 404) there is also an observation that the "award of interest pendente lite and post-decree is discretionary with the court as it is essentially governed by Secti....