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Arbitration Award Final: SC Upholds 24% Interest Rate Despite Usurious Loans Act Challenge
Case Law Details
- Case Name
- Lakshmi Hotel Pvt. Ltd. & Anr. Vs Sriram City Union Finance Ltd. & Anr. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Lakshmi Hotel Pvt. Ltd. & Anr. Vs Sriram City Union Finance Ltd. & Anr. (Supreme Court of India)
SC Upholds 24% Interest in Commercial Loan Arbitration Award & Rejects Challenge Based on Usurious Loans Act/Public Policy
Background
Appellants borrowed ₹1.57 crore from the Respondent NBFC at 24% p.a. (two agreements – 2006).
Only ₹44.66 lakh repaid; thereafter continuous default.
Appellants issued a ₹1.89 crore cheque, which bounced (NI Act proceedings initiated).
Arbitration invoked; Arbitrator awarded ₹2.21 crore + 24% p.a.
Section 34 challenge dismisse...
Author Info
