CENTRAL BANK OF INDIA versus RAVINDRA AND ORS.

Principal sum actually advanced with capitalised interest at periodical rests constitutes 'principal sum adjudged'; this sum is the 'such principal sum' on which pendente lite and post-decree interest may be awarded. Penal interest cannot be capitalised. RBI directions are binding in suits by banking institutions.

Source-derived case information.

Parties: Appellant: Central Bank of India; Respondent: Ravindra; Respondent: Others
Jurisdiction: India
Judgment Date: 18 October 2001
Procedural Posture: Civil Appeal/special Leave Petition / Appeal Decided; Reference Answered; Appeals and Slps Disposed
Outcome: Appeals disposed; reference answered
Legal Topics: Recovery of Money, Interest on Loans, Interpretation of Statutes

Banking Law Civil Procedure Recovery of Money Interest on Loans Interpretation of Statutes

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Summary, issues, holding and outcome

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Full judgment text Legal principles 3 Authorities cited 10 Party arguments 2 Amounts and remedies 4

Parties

Central Bank of India

Appellant

Ravindra

Respondent

Others

Respondent

Procedural Posture

Civil Appeal/special Leave Petition / Appeal Decided; Reference Answered; Appeals and Slps Disposed

Legal Issues

1 Meaning of 'principal sum adjudged' and 'such principal sum' under Section 34(1) of Code of Civil Procedure, 1908
2 Legality of interest capitalisation and periodical rests in banking suits
3 Whether penal interest can be capitalised

Ratio Decidendi

Court Disposition

Appeals disposed; reference answered

Orders

Let all appeals and SLPs be placed before appropriate Bench for decision

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