10. Maximum amount of interest which may be decreed and appropriation of excess interest towards loan.
(1)Notwithstanding anything to the contrary contained in any other law or in anything having the force of law or in any contract, no Court shall in any suit whether bought by a money-lender or by any other person in respect of a loan advance, before or after the commencement of this Act, pass a decree for an amount of interest for the period preceding the institution of the suit which, together with any amount already realised as interest through Court or otherwise is greater than the amount of the loan originally advanced.(2)Where, in any suit, as is referred to in Sub-section (1), it is found that the amount already realised as interest through Court or, otherwise, for the period preceding the institution of the suit is greater than the amount of the loan originally advanced, so much of the said amount of interest as is in excess of the loan shall be appropriated towards the satisfaction of the loan and the Court shall pass a decree for the payment of the balance of the loan, if any.(3)Where a decree passed by a Court on the 1st April, 1936 or thereafter, on the basis of a loan remains unsatisfied in whole or in part on the date on which the Orissa Money-lenders' (Amendment) Act, 1947 (Orissa Act XVII of 1947) comes into force, the Court which passed the decree or the Court or other authority to which the decree is sent for execution shall, on the application of the judgement-debtor, exercise the powers specified in Sub-section (2) and the decree shall be modified accordingly.
