Increase or review of interest rates passed in summary suit

Querist : Anonymous (Querist) 18 December 2017 This query is : Resolved
Respected Experts

A partnership firm "X" had obtained a decree in Summary Suit against another partnership firm "Y" in the year 2014 for payment of sum with interest @11%. Though "X" wanted a decree with 18% p.a.
Due to some reason, my interests have been created in the Summary Suit and Decree. I wanted to take in steps to get the interest rate reviewed/increased since it was a commercial transaction and ample losses have been incurred on account of negligence of "Y" firm.
it has been learnt online that a court can pass decree for 18% interest p.a. and/or as per the prevailing interest rates of banks for commercial transactions..And many courts including high courts approve decretal amount recovery with 18% pa till realization of suit amount.

it would be grateful if experst could advise if:
1. One can seek review/increase of rates before the same civil court on certain grounds
or what other reliefs or steps required to challenge

Please advise best possible

Follow Query

Report Abuse