Upgrad LLM

court awarded 6% interest


Hello lawyers, 
my relative tried to escape the loan, I filed pronote case, court gave order in my favor, ordered defendants to pay 24% interest per annum, from pronote date till suit filing date, then 6% from filing date till the date of realisation of amount.    

I get 24% for 2 years and 6% for very long period because case ran for nearly 3.5 years and will take few years for EP and auction of properties.  In pronote, it is mentioned that defendant borrowed money to pay off the loan taken from 3rd party at higher interest rate of 3% per month.  I work in a company and not a money lender.

1) If I appeal in district court, what are the chances of getting interest higher than 6%?
2) Is there any risk that court reduces interest from 24% to 12%?

My lawyer said the defendant lawyer is planning to file revision/appeal to reduce the 24% interest
3) Can court reduce previously awarded interest of 24% (from pronote date to suit filing date)


Pls give your suggestions
thanks

 
Reply   
 

Dear querist,

There is grave danger that interest awarded earlier may be reduced if you go in appeal. You have to defend the case filed by defendant.

Regards,
 
Reply   
 



there is bery low probability to reduce the % so no worries and wait for the defendant steps.

For Free legal advice or more information contact us on whatsapp 9999121211 or facebook on rupin.lawjunction@gmail.com or email us on info.lawjunction@gmail.com
 
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