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Judgment Search Results Home > Cases Phrase: usurious loans act 1918 Page 1 of about 15,188 results (0.112 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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Feb 01 1991 (HC)

Gulabchand Laxmichand Bhutada Vs. Central Bank of India and Another

Court : Mumbai

Reported in : (1991)93BOMLR996; 1992(1)MhLj68

..... with the circulars issued by the reserve bank of india, still it was open to the courts to reopen such transactions in exercise of power under the provisions of the usurious loans act, 1918, and give relief by reducing the rate of interest in appropriate cases on the ground that it was unreasonable and harsh. in order to overcome this difficulty, parliament while enacting ..... the earlier decision of the high court in krishna reddy v. canara bank, : air1985kant228 , that the courts in view of the mandate of section 21a cannot exercise jurisdiction under the usurious loans act, 1918, or any other law relating to indebtedness for the purpose of giving relief to any party. it must be said that in this case the question whether section 21a is ..... in respect of such transaction is excessive.' 13. on the face of it, it is clear that by the said section, parliament intended that notwithstanding the provisions contained in the usurious loans act, 1918, or any other law relating to indebtedness in force in any state, courts will not be entitled to reopen any transaction between a banking company and its debtor on the ..... august 20, 1981, defendant no. 1 has filed the present second appeal. 8. shri gilda, learned counsel appearing on behalf of the appellant, urged that although the provisions of the usurious loans act, 1918, are attracted in the present case, both the courts below failed to apply those provisions and reduce the rate of interest on the ground that it was excessive. he contended .....

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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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Jul 17 2006 (HC)

Morgan Securities and Credits Pvt. Ltd. Vs. Morepen Laboratories Ltd. ...

Court : Delhi

Reported in : 2006(3)ARBLR159(Delhi); 132(2006)DLT588; 2006(91)DRJ618

..... behalf of the judgment debtors:9. mr. valmiki mehta, the learned senior counsel who appeared on behalf of the judgment debtors, submitted contrarywise. firstly, he submitted that the usurious loans act, 1918 was applicable to the present proceedings inasmuch as the word 'suit' is used in a generic sense and covers the present proceedings. secondly, he submitted that a distinction must ..... mind. the award remained merely an agreement between the parties with the arbitrator merely recording the same. thereforee, the agreement being in violation of the provisions of the usurious loans act, 1918 would be a nullity and, thereforee, would not be enforceable or executable. of course, i have already held that the present proceedings do not fall within the purview ..... of section 3 of the usurious loans act, 1918 and, thereforee, there is actually no necessity to examine this issue any further. however, since elaborate arguments were advanced, i am expressing my view for the sake of ..... annum which is much higher than the rate of interest contemplated under the usurious loans act, 1918. it may be noted that section 3 of the usurious loans act, 1918 contains a non-obstante clause but it is with regard to the usury laws repeal act, 1855 and not any other act. the arbitration and conciliation act, 1996 is also later in time and, thereforee, even if there is .....

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Mar 31 1982 (HC)

Indian Bank, Tiruvannamalai Vs. V.A. Balasubramania Gurukal

Court : Chennai

Reported in : AIR1982Mad296; (1982)2MLJ238

..... interest at the rate claimed, the learned district munsif was of the view that since the respondents are, agriculturists, the provisions of the usurious loans act 1918, as amended by tamil nadu act 8 of 1937 (hereinafter referred to as the usurious loans act) have to be applied and that simple interest at 10-1/2 per cent per annum would be fair and reasonable and on this ..... ), if it had reason to believe that the transaction was as between the parties thereto substantially unfair. the explanation to s, 3(1) of the usurious loans act, 1918, was retained but renumbered as explanation ii and another explanation i was inserted according to which if the interest is excessive, the court shall presume that the transaction was substantially ..... to them, such interest should be presumed to be excessive. in order to give effect to the above, by tamil nadu act 8 of 1937, amendments were made in s. 3 of the usurious loans act 1918. under the amended s. 3(1) of the usurious loan act 1918, the court was enabled to exercise one or more of the powers under s. 3(1)(i), (ii) and (iii ..... the meaning of the expression 'transaction' for purposes of s. 3(1)(i) when a suit was brought about on a series of transactions. section 3(2)(a) of the usurious loans act 1918, set out the content of the expression 'excessive' as meaning 'in excess of that which the court deems to be reasonable having regard to the risk incurred as it appeared .....

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Mar 31 1982 (HC)

Indian Bank Vs. V.A. Balasubramania Gurukkal and ors.

Court : Chennai

Reported in : [1984]56CompCas41(Mad)

..... give effect to the above by the tamil nadu act8 of 1937, amendment were made in s. 3 of the usurious lona as act, 1918. under the amended s. 3(1) of the usurious loans act, 1918 the court was enabled to exercise one or more of the power under s. 3(1)(i)(ii) and (iii ..... the learned district munsif was of the view that since the respondents are agricultures the provisions of the usurious loans act, 1918, as amended by the tamil nadu act 8 if 1937 (hereinafter referred to as 'the usurious loans act') have to be applied and that simple interest at 10 1/2 per cent. per annum would ..... if it had reason to believe that the transaction was as between the parties thereto substantially unfair. the explanation to s. 3(1) of the usurious loans act, 1918 was retained but renumbered as explanation ii and another explanation i was inserted according to which if the interest is excessive the court shall presume that ..... ' for purposes of s. 3(1)(i) when a suit was brought about on a series of transaction. section 3(2)(a) of the usurious loans act, 1918 set out the content of the expression 'excessive' as meaning ' in excess of that which the court demands to be reasonable having regard to the ..... jurisdiction of any court . section 4 declared the applicability of s. 3 to proceedings in invoslvency. 12. by the tamil nadu act 8 of 1937, the provision of the usurious loans act, 1918 were amended. in the statement of objects and reasons for the amendment (vide fort st. george gazette dated november 24, 1936 .....

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Apr 16 1992 (HC)

Bank of Baroda Vs. Perchem Industries and ors.

Court : Mumbai

Reported in : 1992(3)BomCR387; (1992)94BOMLR589

..... question, section 21-a is reproduced below :'21-a. rate of interest charged by banking companies not to be subject to scrutiny by court:---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 transactions in the two suits, the respondents will not be entitled to call upon the court to exercise power under sub-section 1(a) of section 3 of the usurious loans act, 1918.13. the respondents while contending that section 21-a is prospective in its application relied upon the decision in muthian and another v. syndicate bank, pollachi, : air1987mad248 . it is ..... still operative in vidarbha area. it was also the defence of the respondents that the period of rests being less than six months, presumption of interest being excessive under the usurious loans act 1918 can be drawn and, therefore, the accounts should be ordered to be reopened under section 3 thereof. we are not concerned with other defences since not under challenge in these ..... that the interest charged by the banking companies in respect of such transaction is excessive.11. it cannot be denied that the provisions of usurious loans act, 1918 giving power to the courts to deal with certain cases of usurious loans are still on the statute book. it appears that since the subject of money lending was in the state list, even under the government .....

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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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May 03 1991 (HC)

Syndicate Bank and Another Vs. Kailashchandra and Another

Court : Mumbai

Reported in : [1993]76CompCas392(Bom)

..... excessive.' 6. the amended section 21a is brought on the statute book on february 15, 1981. a mere perusal of this amended section 21a shows that the provisions of the usurious loans act, 1918, are no more applicable and, therefore, the court cannot reopen the accounts. 7. the present appeal is admitted on october 14, 1983, and, during the pendency of this appeal, section ..... amended reads as under : '21a. 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 ..... yes, its effect', and answered the issue in the affirmative. the learned trial court held that the first proviso to section 3(2)(a) of the usurious loans act, 1918, is applicable to advance of money by the bank and ordered that the accounts between the parties be reopened from the beginning. 3. the short question to be decided in ..... bank on the ground of excessive charging of interest under the provisions of the usurious loans act, 1918. 11. shri deo, learned counsel for the respondents, has relied on the provisions of section 2 of the banking regulation act, 1949, and submitted that the provisions of the usurious loans act are not barred. section 2 of the banking act can be usefully extracted as under : 'the provisions of this .....

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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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