IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION SUMMARY SUIT NO.1273 of 2006. SUMMARY SUIT NO.1273 of 2006. SUMMARY SUIT NO.1273 of 2006. Axis Bank Limited ..Plaintiff versus M.S.Ramarao & Another ..Defendants Mr.Bamne for the plaintiffs Ms.P.A.Jain i/b. Divekar & Co. for the defendant No.1 None for the defendant No.2 CORAM : R.Y.GANOO, J. CORAM : R.Y.GANOO, J. CORAM : R.Y.GANOO, J. DATED : 11th February, 2009. DATED : 11th February, 2009. DATED : 11th February, 2009. P.C. 1. At the time of disposal of Summons for Judgment the defendant No.1 was directed to deposit Rs.75,000/- and the defendant No.2 was directed to deposit Rs.30,000/-. Neither the defendant No.1 nor the defendant No.2 has deposited the said amount. In view of this plaintiffs are entitled to ex-parte decree. Compilation of the original documents is filed. 2. I have heard learned Counsel for the plaintiffs and the counsel for the defendant No.1. The last payment was done in the month of April 2006 towards the loan account. Hence institution -2- of the suit in the month of May 2006 is within the period of limitation. As of 31.3.2006 the sum of Rs.1,03,161/- was found to be outstanding for which the present suit is filed. The bank has prayed for interest at the rate of 16% per annum from 1.4.2006 till filing of the suit. Promissory Note executed by the defendant No.1 mentions the rate of interest at 13.25% per annum or such other rate the bank may fix from time to time is binding and payable with monthly rests. Learned Counsel for the plaintiffs could not point out to the Court as to why the interest at the rate of 16% per annum is charged while putting up the particulars of claim. In my view, if the promissory note mentions the minimum rate of interest at 13.25 % and if the plaintiffs have failed to show what is the correct rate of interest applicable as of 1.4.2006, the plaintiffs can get the interest at the rate of 13.25% and that too on yearly basis. In view of the above, I am inclined to grant interest at the rate of 13.25% on Rs.1,03,161/- from 1.4.2006 till filing of the suit. 3. This being the loan advanced by the bank it would be proper if after the filing of the suit -3- plaintiffs are granted interest at the rate of 12% per annum. Plaintiffs will ofcourse be entitled for costs of the suit. For the reasons mentioned aforesaid, I pass the following Order. ORDER i. Defendants jointly or severally do pay to plaintiffs Rs.1,03,161/-. ii. Defendants jointly or severally do pay to plaintiffs interest from 1.4.2006 till filing of the suit at the rate of 13.25 % per annum on Rs.1,03,161/-. iii. Defendants jointly or deverally do pay to plaintiffs interest at the rate of 12% per annum on Rs.1,03,161/- from the date of the filing of the suit till realisation. iv. Defendants jointly or severally do pay to plaintiffs costs of the suit. (R.Y.Ganoo, J.) (R.Y.Ganoo, J.) (R.Y.Ganoo, J.)