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Civil Judge decreed suit with interest @12% p.a.
Civil Judge decreed suit with interest @12% p.a.
Defendant took a personal loan from Royal Bank of Scotland (RBS), and defaulted on payments. RBS assigned debts/dues payable by the borrower to Phoenix ARC Trust. Phoenix filed a recovery suit againt the defendant. The Civil Judge held in favour of Phoenix, and decreed the suit with interest @12% p.a.-500543
1 .The defendant took a personal loan from Royal Bank of Scotland (RBS).
2 .Subsequently the defendant defaulted on payments of the said loan.
3 .RBS assigned to Phoenix ARC Trust, the debts/dues payable by the borrower.
4 .Phoenix filed a civil suit for recovery.
The Civil Judge held as under:
5 .The present suit has been filed on the very first day of re?opening of the Courts, hence, the suit has been filed within the period of limitation.
6 .Plaintiff has claimed interest @ 18.32% per annum, which seems to be excessive and exorbitant.
7 .In the facts and circumstances of the present case, interest @12% per annum seems to be just and appropriate.
8 .Suit of the plaintiff is hereby decreed and a decree for recovery of Rs. 2,28,779.02 alongwith interest @12% per annum.
