R.S.A.No.343 of 2009 1 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH R.S.A.No.343 of 2009 Date of Decision : 22.7.2009 M/s Saurav Trading Co. and others ...Appellants Versus State Bank of India ...Respondent CORAM:HON'BLE MR. JUSTICE HEMANT GUPTA Present: Mr. Deepak Arora, Advocate, for the appellants. HEMANT GUPTA, J. (ORAL) The defendants is in second appeal aggrieved against the judgment and decree passed by the Courts below, whereby suit for recovery of Rs.4,47,716.40 alongwith interest at the rate of 21.5% per annum with quarterly rests, was decreed. The plaintiff-Bank has sought the aforesaid amount on the ground that facility of cash credit hypothecation was granted to the defendants on 30.1.1990. The agreement contemplated interest at the rate of 5% per annum above the State Bank of India Advance rate with a minimum of 17% per annum. The Bank in terms of Reserve Bank of India guidelines claimed interest at the rate of 21.5% per annum from the plaintiff. Both the Courts have decreed the suit. The defendants are, thus, in second appeal. The only argument raised by learned counsel for the appellants is that rate of interest being settled as 17% per annum with quarterly rests, the claim of 21.5% per annum with quarterly rests is not legal. R.S.A.No.343 of 2009 2 However, it has been found that such rate of interest is being claimed as per the directions of Reserve Bank of India. Such directions are in terms of the agreement between the parties. Therefore, the argument raised by the learned counsel is not sustainable. In view of the above, I do not find that any substantial question of law arises for consideration by this Court in second appeal. Dismissed. 22.7.2009 (HEMANT GUPTA) Vimal JUDGE