claim, as the case may be, at a rate not exceeding the
current rate of interest. He submitted that the Commission whilst
awarding interest ... that time the
authority will also pay interest. Such interest must be based on the
current rate of interest.
Now we come to the question
benchmarked
interest rates at 6.5% and 12% by taking into account Euribor rate +
2.5% and Mexican rates respectively. The loans advanced, interest
charged from ... LIBOR interest rate should be considered for benchmarking
the interest and not local interest rates of the respective countries.
Reliance was placed upon the decision
annum simple interest in the case of unsecured loans:
Provided that the Court shall not deem interest in excess of the above rates ... only point urged by the judgment debtors is that the interest rate agreed upon by them was exorbitant and excessive and was hit by Section
With the object of bringing transparency in the lending rates, that
is, the rates of interest charged by banks on loans and advances, the
Reserve ... between LPS rates as claimed by the Respondents and the
rates of LPS which the Appellant seeks, based on rates of interest on
loans (excluding
claim, as the case may
be, at a rate not exceeding the current
rate of interest, for the whole or part of
the periods indicated ... mention of
allowing the interest at a rate not
exceeding the current rate of interest.
Such a provision is, however, excluded in
respect
that for making delayed payments, the opposite parties were charging heavy rate of interest, for the period of delay in making payment of instalments ... quarterly @12% from the respective dates of deposits (less than the rate of interest charged by the opposite parties, in case of delayed payment), till
interest charged by it on delayed instalment @ 18% per annum. Complainant wanted refund of this amount with interest at the same rate ... rate of interest in several
cases. Thus in order to cover the cost
escalation complainant need to be paid interest at a rate which neutralises
conditions of the loan agreement.
(ii)
Charge the revised rate/floating rate of interest with
effect from 19.4.2006 onwards from the complainant instead of charging ... fixed rate of interest @13% p.a., as was being erroneously done presently.
(iii)
To pay compensation of Rs.5,000/- for causing physical
harassment
explained
that the specified 7.25% interest rate was as per the prevalent rate of
interest on the date of issuance of the letter.
According ... heading Schedule to Home Loan Agreement, against the
column Interest, the interest rate is indicated as 7.25% per annum with
default interest rate
paid as interest on deposits. Interest on deposit scheme is calculated on product basis. Further interest is calculated on quarterly compounding basis ... assessee raised the deposits at the higher rate and whereas it lent at a lower rate of interest, unless some material is brought on record
