penalty stipulated for. Explanation.—A stipulation for increased interest from the date of default may be a stipulation by way of penalty. Exception.—When ... months, with a stipulation that, in case of default, interest shall be payable at the rate of 75 per cent. from the date of default
defaulted instalment in entirety is
subjected to interest, the `interest' component of the defaulted instalment
is also subjected to interest. To that limited extent ... charging
of interest upon interest. Charging of such interest, on the interest part of
the instalment, on default in payment of the instalment
except with the previous approval of the Central Government. (4) If the default is made in transferring the total amount referred to in sub-section ... concerned company, the company shall pay, from the date of such default, interest on so much of the amount as has not been transferred
form, manner and other particulars as may be prescribed. (3) If any default is made in transferring the total amount referred to in sub-section ... company, it shall pay, from the date of such default, interest on so much of the amount as has not been transferred to the said
event of default. The event of default
under Clause 11.19 falls under the definition of Category A event of default
as defined in the Debenture ... addition to the
interest payable and also informed plaintiffs that any amount paid towards
interest will be first appropriated towards default interest.
On 1st November
immediately as per the Respondents
statement of account including the future interest, default
interest, legal costs and expenses etc., until the final date of
Signature ... Respondent on 24.02.2020 is ₹ 43,65,03,141/- (subject to
future interest, default interest and other costs and charges as per the
Transaction Documents
months, with a stipulation that in case of default, interest shall be payable at the rate of 75 per cent, from the date of default ... diem on Rs. 50 on default from date of default, there being no interest payable till the due date if the principal is repaid
nine cents only) under the Bonds along with accrued interest and default interest.
5 That according to the balance sheet of the respondent company ... interest fell due, the Company for the first time in September, 2010 attempted to renege from its obligation of paying the interest amount and default
days (the "Default Period ") and the Defaulting
Party does not pay the amount in default plus accrued
interest by the end of such ... costs of the Defaulting Party up to but not
including the amount in default.
C = the amount in default
D = Participating Interest of the Defaulting
rates of interest or in the case of no interest for some time and interest from the date of default the stipulation is only penal ... payable on the date of default together with interest thereon and the interest chargeable on default was exorbitant. It was further held that the facts
