Supreme Court of India
Srinivasa Vardachariar and Ors. v. Gopala Menon and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result the learned Judges only allowed simple interest at 12 per cent per annum.
Judgment, page 5
From the headnote
Usurious Loans (Madras Amendment) Act (8 of 1937), s. 3-Rate ot interes..t permissible. The first appellant advanced monies to against mortgages of her property. was adjudicated an insolvent in 1949 and her properties got vested in the Official Assignee of Madras. The Official Assignee brought the properties to sale which were ultimately purchased by the first res pondent. The Trial Court decreed the appellants' suit for enforcement of the mortgages against the property and awarded interest at the rate of 15 per cent compoundable with yearly rests. In appeal the Division Bench of the High
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