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Judgment Search Results Home > Cases Phrase: the usurious loans act 1918 Court: andhra pradesh Page 1 of about 49 results (0.043 seconds)

Mar 26 1993 (HC)

State Bank of Hyderabad and Etc. Etc. Vs. Advath Sakru and Another Etc ...

Court : Andhra Pradesh

Reported in : AIR1994AP170; 1993(1)ALT608

..... one or more of the following powers, namely,(i) re-open the transaction........the relevant portion of s. 21-a is as under :'notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court.....' that ..... said provision which is as under :'21-a. rates of interest charged by banking companies not to be subject to scrutiny by courts .-- notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court ..... courts cannot reopen a transaction between a banking company and its debtor on the ground that the rate of interest charged is excessive or unreasonable notwithstanding the provisions of usurious loans act, 1918 (act 10 of 1918). according to the learned counsel, the language of the said provision makes it clear that the exercise of the jurisdiction by the courts under the provisions of ..... position of law.66. sri b. adinarayana rao, placingreliance on garikapati's case : [1957]1scr488 (supra) contended that the right to claim the relief under the provisions of usurious loans act, 1918 that accrued to the debtor on the filing of the suit which is a vested right cannot be taken away by a subsequent legislation unless the subsequent legislation expressly or .....

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Jul 18 1986 (HC)

Togendranath Raj and anr. Vs. State Bank of India

Court : Andhra Pradesh

Reported in : [1988]63CompCas405(AP)

..... any light on the manner in which the term should be understood generally.' 22. this involves an examination of the object and purpose underlying the madras amendment. while the usurious loans act, 1918, is designed to relieve the debtors from the burden of high interest rates, the madras amendment is specially designed to relieve rural indebtedness. it is well known that ..... of itself be sufficient evidence that the transaction was substantially unfair.' sub-section (3) of section usurious loa has been substituted by the usurious loans (madras amendment) act, 1936. 9. it reads thus : '(3) the provisions of this act shall apply to all suits to which the usurious loans act, 1918, would apply and which are pending on, or are instituted on or after, the date ..... which came into force with effect from june 21, 1984, applies to appeals pending on that date 2. section 21a declares : 'not withstanding anything contained in the usurious loans act, 1918, or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court ..... deprive them of the benefit conferred upon them either by the madras amendment to the usurious loans act, or any other state law; parliament is not competent to make such a provision practically nullifying the state laws. i. sub-sections (1) and (2) of section usurious loa of the usurious loans act, 1918, unaffected by the madras amendment, read thus : '3. reopening of transactions. - (1) .....

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Jun 28 1988 (HC)

Indian Bank Vs. Datta Venkata Chinna Krishna Raju

Court : Andhra Pradesh

Reported in : [1989]65CompCas451(AP)

..... of 1984 had been enacted by parliament as an amendment to the banking registration act (act no. 10 of 1949) with effect from february 15, 1984. section 21a of the banking regulation act read as follows : 'notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company ..... cas 405 had, however, cast a doubt on the decision in satyanarayana's case : air1985ap77 , to the extent that the latter held that the filed of operation of the usurious loans act and act 1 of 1984 are totally different. in yogendranath raj's case [1987] 1 aplj 316; [1988]63 comp cas 405, the division bench observed (at page 418 of 63 ..... division benches. 34. i am of the opinion that what i said of the rajaji act cannot be said about the usurious loans act under which there is no legal impediment for charging compound interest. under the usurious loans act charging of compound interest would not initially become void. the usurious loans act examines the matter on the assumption that the interest had already accrued lawfully, but in an ..... air1987mad248 . 36. in yogendranath's case [1987] 1 aplj 316; [1988] 63 comp cas 405 (ap), the division bench observed 'having regard to the object and the purpose underlying the usurious loans act and the madras amendment thereto, we are of the opinion that the court should be inclined to sustain and continue the said relief, unless the statute says to the contrary .....

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Aug 16 1999 (HC)

Sethmal and Company Vs. Sri Laxmi Paradise (Leela Mahal) and Others

Court : Andhra Pradesh

Reported in : 1999(5)ALD642; 1999(5)ALT186

..... the respondents relied upon a judgment of the allahabad high court in sheobans rai v. shah madho lai, air 1931 all. 662, says that section 79 of the negotiable instruments act does not exclude the jurisdiction of court under usurious loans act, 1918. perse the stipulated rate of interest at 30% per annum appears to be excessive having regard to the period at which the ..... order to help adjudicating the problems by the courts effectively.10. it necessitated the parliament to pass the usurious loans act, 1918 (for short 'the act') so as to prevent the civil courts from being used for the purpose of enforcing harsh and unconscionable loans carrying interest at usurious rates. power has been conferred on the courts to reopen the transactions whenever the courts had reason to ..... loan was taken i.e., in the year 1981. as per the explanation under sub-section (2) of section 3 of the usurious loans act this rate affords sufficient evidence to come to a ..... this court had the burden is upon the debtor to show that the stipulated rate of interest is excessive having regard to the amended provisions of section 3 of the usurious loans act, the position seems to be otherwise. the words embodied in section 3 'whether heard ex parte or otherwise, the court has reason to believethat the transaction was as between .....

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Jun 12 1990 (HC)

Central Bank of India Vs. Popuri Sarangaiah and ors.

Court : Andhra Pradesh

Reported in : 1991(1)ALT455; [1992]75CompCas493(AP)

..... as follows : '21a. rates of interest charged by banking companies not to be subject to scrutiny by courts. - notwithstanding anything contained in the usurious loans act, 1918 [10 of 1918], or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court on the ..... 417 of 63 comp cas) : 'the question next arises whether section 21a of the banking regulation act, 1949, introduced by the banking laws [amendment] act, 1983, with effect from june 21, 1984, applies to the present case. section 21a expressly seeks to override not only the usurious loans act, 1918, but 'any other law relating to indebtedness in force in any state.' by virtue of the ..... for consideration in all these appeals are : [1] whether the provisions of the usurious loans act, 1918 [hereinafter referred to as 'the act'], overrides the provisions of section 21a of the banking regulation act [10 of 1949] [as inserted by the banking laws amendment act, 1983 (1 of 1984] [hereinafter referred to as 'the banking regulation act']; [2] whether the provisions of section 21a of the banking regulation .....

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Jun 21 1999 (HC)

Union Bank of India (Uoi) Vs. Koduri Veera Raghavayya and ors.

Court : Andhra Pradesh

Reported in : [2000]101CompCas338(AP)

..... its debtors. the said provision reads thus :'21a. rates of interest charged by banking companies not to be subject to scrutiny by courts.--notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court on ..... bank ltd. v. bonu narasawma [1986] 2 aplj 165 ; [1988] 63 comp cas 328 and m. satyanarayana's case [1984] 2 aplj (sn) 21. as regards the applicability of the usurious loans act, 1918, the earlier judgments in yogendranath raj (deed, by lrs.) v. state bank of india [1987] 1 alt 316 ; [1988] 63 comp cas 405 ; central bank of india v. popuri ..... of the above provision and the decisional law referred to above, the principles which ultimately emerge are :'(1) section 21a of the banking regulation act, 1949, is constitutionally valid ; (2) the debt relief legislations like the usurious loans act, 1918, or act no. 4 of 1938 do not apply to the banking transactions ; (3) the interest charged in pursuance of a mortgage transaction is valid ; ..... (4) section 21a of the banking regulation act, 1949, applies to all transactions prior to or after its coming into force ; (5) section 21a of the .....

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Jun 21 1999 (HC)

Union Bank of India, Eluru Vs. Koduri Veera Raghavayya and Others

Court : Andhra Pradesh

Reported in : 1999(5)ALD234

..... debtors. the said provision reads thus:'21 a. rate of interest charged by banking companies not to be subject to scrutiny by courts :--notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918) or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court ..... , : [1988]1scr961 , and overruled the decisions in andhra bankv. b. narasamma, 1986 (2) aplj 165, and m. satyanarayana v. andhra bank, (supra). as regards the applicability of the usurious loans act, 1918, the earlier judgments in yogendranath raj v. state bank of india, 1987 (1) alt 316, central bank of india v. popuri sarangaiah and others, : 1991(1)alt455 , bank of madurai ..... above provision and the decisional law referred to above, the principles which ultimately emerge are;(1) section 21-a of the banking regulation act, 1949 is constitutionally valid; (2) the debt relief legislations like the usurious loans act, 1918 or the act no.4 of 1938 does not apply to the banking transactions; (3) the interest charged in pursuance of a mortgage transaction is ..... valid; (4) section 21-a of the banking regulation act, 1949 applies to all transactions prior to or after its coming into force; (5) .....

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Jun 21 1999 (HC)

Union Bank of India and ors. Vs. G. Shiva Reddy and ors.

Court : Andhra Pradesh

Reported in : 1999(3)ALT719

..... its debtors. the said provision reads thus:'21-a. rate of interest charged by banking companies not to be subject to scrutiny by courts:- notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court on ..... the decisions in andhra bank v. b. narasamma 1987 (1) alt 447 = 1986 (2) aplj 165 and m. satyanarayana v. andhra bank (2 supra). as regards the applicability of the usurious loans act, 1918, the earlier judgments in yogendranath raj v. state bank of india 1987(1) alt 316, central bank of india v. popuri sarangaiah and ors., : 1991(1)alt455 ; bank of madhurai ..... the above provision and the decisional law referred to above, the principles which ultimately emerge are:(1) section 21-a of the banking regulation act, 1949 is constitutionally valid;(2) the debt relief legislations like the usurious loans act, 1918 or the act no. 4 of 1938 does not apply to the banking transactions;(3) the interest charged in pursuance of a mortgage transaction is valid ..... ;(4) section 21-a of the banking regulation act, 1949 applies to all transactions prior to or after its coming into force;(5) section 21- .....

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Sep 01 1984 (HC)

Medikonda Satyanarayana and anr. Vs. Andhra Bank Ltd., Eluru

Court : Andhra Pradesh

Reported in : AIR1985AP77

..... 1984). the provision is in the following terms:'21.a. rates of interest charged by banking companies not to be subject to scrutiny by courts.- notwithstanding anything contained in the usurious loans act, 1918, or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court on the ..... this court the construction now urged by the bank is correct. 8. in order to examine these submissions it is necessary to notice the provisions of the usurious loans act 10 of 1918 (hereinafter called the central act) and its objects. the preamble of the said act reads as follows:'whereas it is expedient to give additional powers to courts to deal in certain cases with ..... that in view of the said provision that notwithstanding the above judgment, the transactions between a banking company and its debtors cannot be reopened in spite of the provisions of usurious loans act or many other law relating to indebtedness in force in any state. hence the question is whether this provision has the effect of making the provisions of the madras agriculturists ..... usurious loans of money or in kind.'section 3 which is a pivot of the central act empowers the court to reopen the transaction where the court has reason to believe .....

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Aug 23 1989 (HC)

Bank of Madura Ltd. Vs. Maddi Venkata Subrahmanyam and anr.

Court : Andhra Pradesh

Reported in : [1992]73CompCas541(AP)

..... , it is not permissible for the court to reopen the interest and reduce it. section 21a of the banking regulation act reads as follows : 'notwithstanding anything contained in the usurious loans act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any state, a transaction between a banking company and its debtor shall not be reopened by any court on ..... if compound interest is charged, the court shall presume that the interest is excessive'.4. the division bench held that having regard to the object and the purpose underlying the usurious loans act and the madras amendment thereto, the court should be inclined to sustain and continue the said relief, unless the statute says to the contrary, either expressly or by necessary ..... debt is for a commercial purpose. therefore, the question whether the interest has to be scaled down in accordance with the provisions of the agriculturists relief act or the madras amendment to the usurious loans act does not arise for consideration in this matter. 6. learned counsel for the respondent-defendants contended that even subsequent to the enactment of section 21a of ..... advanced by the plaintiff-bank to the first defendant was subject to the liability or obligation of being scaled down in accordance with the provisions of the usurious loans act, as amended by the madras (amendment) act and that the said right cannot be taken away. 5. in the present case, the second defendant did not contend that the is an agriculturist. .....

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