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1 - 3 of 3 (0.15 seconds)Section 23 in The Indian Contract Act, 1872 [Entire Act]
M/S Pt. Munshi Ram & Associates (P) Ltd vs Dda on 22 July, 2010
7. Further, Plaintiff has claimed interest @ 24% per
annum but the same seems to be exorbitant. The Hon'ble
Division Bench of the Hon'ble High Court of Delhi in the case of
Pt. Munshi Ram & Associates (P) Ltd. Vs. DDA, 2010 SCC
Online Del 2444, has held that higher rates of interest, which are
against public policy, can be struck down by the Court by finding
such rates of interest to be against the public policy. Any
Contract, which is against the public policy, is void under Section
23 of the Indian Contract Act, 1872. The said Judgment was also
relied upon by the Hon'ble Single Bench of the Hon'ble High
CS SCJ No. 302/24 Inderjeet Vs. Ram Darash Page 3 of 4
Court in case bearing R.F.A. No. 823 of 2004, titled as Shri
Sanjay Mittal Versus Sunil Jain decided on 07/12/2018. The
Hon'ble Single Bench has granted 9% p.a. interest instead of
24% per annum i.e. 2% per month.
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