R.S.A. No. 1469 of 1988 [ 1 ] IN THE HIGH COURT OF PUNJAB & HARYANA, CHANDIGARH R.S.A. No. 1469 of 1988 Date of Decision: 5.8.2010 Seth Radha Krishan Siri Krishan .............................. Appellant versus The Laxmi Commercial Bank Ltd. and another ................................................................ Respondent Coram: Hon'ble Mr.Justice Ashutosh Mohunta Present: Mr. Chetan S. Lathia, Advocate for Mr. Amit Jain, Advocate for the appellant. Mr. Aalok Jagga, Advocate for the respondents. ... ASHUTOSH MOHUNTA, J. (Oral) The appellant has filed this appeal impugning the judgment dated 22.8.1986 passed by the Sub Judge IInd Class, Ludhiana, whereby his suit for recovery of Rs.2,500/- along with interest was dismissed and further his appeal was also dismissed vide judgment and decree dated 10.11.1987. The plaintiff is a registered partnership firm and had a cash credit limit account with the Laxmi Commercial Bank Limited, Ludhiana, against the pledge of their charges. The plaintiff/appellant had taken a loan and had agreed to pay interest at the rate of 17% per annum which was subsequently raised to 17-1/2% per annum by the defendant/respondent. It R.S.A. No. 1469 of 1988 [ 2 ] is the case of the plaintiff that the Bank has charged a higher rate of interest and has also made certain authorised debit interest on the amount taken by the plaintiff. The trial Court after going through the entire evidence found that the rate of interest between the plaintiff and the respondent Bank was 17-1/2% and not 17%. These findings were upheld by the lower Appellate Court. The question of law which has now been raised in this appeal is “ Whether the Bank is entitled to charge 17-1/2% interest when they had initially agreed to charge interest at the rate of 17%?” A perusal of the case file shows that the rate of interest of the Banks keeps changing from time to time and in the present case, it was raised from 17% to 17-1/2% per annum and the plaintiff/appellant was duly informed about the rise of the interest rates. Apart from the above, the Appellate Court has held that the claim was barred by time as the suit was filed after a period of 3 years from the date of charging of the interest. In view of the above, I find no merit in this appeal and the same is dismissed. ( ASHUTOSH MOHUNTA ) 5.8.2010 JUDGE rupi