Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Friday, March 23, 2018 11:20:18 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Court below enjoys authority to deal with interest appropriately

Share your thought
Post a comment »
Read all () »

High Court Division :
(Civil Appellate Jurisdiction)
Mamnoon Rahman J
Md Abu Zafor
Siddique J
February 14th, 2012
Sonali Bank....Appellant
Habib Medical Store
and another ..................
............. Respondents*
Artha Rin Adalat Ain (IV of 1990)
Section 4
There is no bar upon the Court below in dealing with the matter relating to interest in any manner which however in the present Act is a mandatory one.
The Court of law enjoys ample authority under the previous law to impose interest but at the same time the Court of law is to apply its judicial mind on the given facts and circumstances. In the present case in hand while decreeing the suit in favour of the bank the Court below applied its judicial mind and deducted the interest and charges considering the special circumstances relating to the import and negligence on the part of the bank's appointed shipping agent.                                  .......(7 & 9)
ABM Bayezid, Advocate-For the Appellant.
None appears-For the Respondent.
Md Abu Zafor Siddique J : This appeal is directed against the judgment and decree dated 3-6-1996 (decree drawn on 10-6-1996) passed by the Subordinate Judge and Artha Rin Adalat, Naogaon in Artha Rin Adalat Case No. 264 of decreeing the suit.
2. The appellant as plaintiffs instituted Money Suit No. 47 of 1987 in the Court of Subordinate Judge, Naogaon for realization of loan amount impleading the respondents as defendant.
The defendant contested the suit by filing written statement. Subsequently after enactment of Act 4 of 1990 the suit was renumbered as Artha Rin Suit No. 264 of 1990 in the Court below and proceeded with the suit. The Court below after examining the evidence both oral and documentary decreed the suit to the tune of Taka 2,25,886 only. Being aggrieved the appellant moved before this Court.
3. No one appears on behalf of the respondents to oppose the appeal.
4. Mr Bayezid, the learned Advocate appearing on behalf of the appellant bank submits that admittedly the respondent as importer opened L/C to import certain goods to the tune of Taka 2,00,000. After arrival of the goods the defendant failed to take delivery in time and, as such, the goods were sold in auction and thereafter the Bank sent a notice to the defendant to adjust the money with the accrued interest thereon. But in the case in hand the defendant failed to do so and the plaintiff appellant filed the suit but the Court below while decreeing the suit arbitrarily deducted the interest as claimed by the Bank. By referring the nature of deposit with the Bank with public money, he submits that a defaulter or loanee is liable to be repay the loan with interest as decided by the Bank time to time. He submits that in the instant case the Court below though decreed the suit in favour of the Bank but failed to assess and impose the interest as per the sanction letter as well as the normal banking practice as such, the impugned judgment and decree is liable to be set aside. Relied upon the decision reported in 37 DLR (AD) 1, he submits that it is the duty of the Court of law to assess and imposed interest at the time of passing of decree considering the facts and circumstances and the nature of contract in between the bank and the borrower. By referring the said decision, he submits that though in special circumstances, the Court can determine the bank interest but the same is not inflicted in the case in hand. In the present case in hand the defendant failed to pay the loan amount because of their fault and the Court below on mere misconception of law and fact decreed the suit not in accordance with the claim of the plaintiff bank which is liable to be set aside.
5. We have heard the learned Advocate for the appellant perused the Memorandum of appeal impugned judgment and decree, LC record, provision of law and decision as referred to.
6. Admittedly the plaintiffs appellant instituted money suit as per the provision of the Code of Civil Procedure before the Subordinate Judge, Naogaon for realization of money. Subsequently after enactment of Act 4 of 1990 the same was renumbered as Artha Rin Suit and tried and disposed of as per the provision of Act 4 of 1990. It appears that though the respondent did not appear before this Court but during trial the defendant contested the suit and raised specific objection against the Bank regarding the delay in presenting the document with the shipping agent. It has been specifically raised by the defendant that because of the lacuna and laches of the bank and its nominated agent who is responsible to release the goods who failed to do the same in time resulting which the importer sustained huge loss. However, after receiving the goods the same was sold in auction and the auction money was adjusted by the Court below while decreeing the suit in favour of the bank. It appears that admittedly the defendant as importer opened Letter of Credit to import certain goods to the tune of Tk 2 lakh for which the borrower deposited 10% margin i.e. initial loan amount of Taka 1,80,000 and admittedly in the sanction letter there is a clause for imposing interest. Accordingly the plaintiff claimed an amount to the tune of Taka 4,84,26391 with all interest and other charges accrued thereon.
 (To be continued)

Add Rate

News Archive

Inside The New Nation

Editorial »

Right conditions are to be created to sustain graduation process

ECONOMISTS have asked for easing the cost of doing business and implement massive regulatory reforms to create a business friendly environment in the country to sustain the graduation process from the LDC status to a developing one. The emphasis came for more homework to sustain the growth at a time ...

Cricket »

Australia`s Ellyse Perry (center) celebrates after Harmanpreet Kaur`s wicket against India during the Women`s T20 Triangular Series in Mumbai, India on Thursday.

Sports »

The sportsmen & sportswomen brought out a colourful rally in the city street on Thursday.

City »

BNP Standing Committee Member Amir Khasru Mahmud Chowdhury speaking at a discussion organised by Zia Parishad at the Jatiya Press Club on Thursday marking its 31st founding anniversary and demanding release of BNP Chairperson Begum Khaleda Zia

Entertainment »

Nora Fatehi`s jaw dropping `impromptu` belly dancing!

Nora Fatehi, a self-taught belly dancing sensation has become a viral star because of her mesmerizing dance moves. With over 4.5 Million views on her videos on youtube, this star is taking the internet by storm. Her last video where she swayed to the moves of Swag Se Swagat from ...

International »

UN chief alarmed by chemical attacks in Syria

AP, New York :UN Secretary-General Antonio Guterres voiced alarm yesterday over allegations of chemical attacks in Syria and urged the Security Council to take action to address "such serious crimes."The appeal came after Guterres met on Tuesday with the head of the Organisation for the Prohibition of Chemical Weapons (OPCW), ...

Editorial »

Justice in Tonu murder, don't make our country safe for killers and rapists

TWO years have elapsed after the murder of college student Tonu, and justice seems elusive for her family. Investigators claimed to have failed to identify any suspect, let alone arrest any. But many believe powerful quarters in the Comilla cantonment area are stalling the progress. The investigators have repeatedly come ...

Cricket »

Scotland players celebrate the wicket of West Indies batsman Shai Hope during their cricket World Cup qualifier match at Harare Sports Club on Wednesday. Zimbabwe is playing host to the 2018 Cricket World Cup qualifier matches featuring 10 countries.

City »

A delegation of Bangladesh-Egypt Friendship Association (BEFA) presenting a book on Father of the Nation Bangabandhu Sheikh Mujibur Rahman to former Prime Minister of Egypt Prof. Dr. Essam Sharaf (2nd from left) at a function held in a Cairo hotel recently. BEFA President Advocate Faisal Reza (left), Better Bangladesh Foundation (BBF) Chairman and Founder Masud A Khan (2nd from right), Hossain Mazumder (extreme right), Director of BBF and Vice President of BEFA and also owner of Ali Air Travels joined the programme.

Entertainment »

Katrina Kaif is Bollywood`s most popular actress globally

Katrina Kaif has secured the top spot in a list of popular Bollywood actress outside India, according to a study. She is followed by Anushka Sharma, Alia Bhatt, Kareena Kapoor Khan and Kajol.The findings are a part of consumption trend study done by Spuul, a video-on-demand (VOD) streaming platforms for ...

International »

Trump faces legal storm over alleged sexual misconduct

Reuters, New York :US President Donald Trump faced legal challenges from women on two fronts on Tuesday as a defamation lawsuit brought by a former Apprentice TV show contestant moved forward and a former Playboy model who said she had an affair with Trump sued to undo a confidentiality agreement.The ...

Football »

Self-belief is key to success: Ronaldo

AFP, Lisbon :Cristiano Ronaldo says the key to his staggering success is believing nobody is better than he is -- and he advised his Portuguese teammates to adopt the same attitude.The Real Madrid star made the comments as he accepted the Portuguese player of the year award in Lisbon."We should ...

Entertainment »

Sayali Bhagat reveals her Marathi Debut

Sayali Bhagat, the title holder of 'Femina Miss India World turned actress was last seen in 'Yaariyan' in 2014 is now enjoying motherhood and preparing for her next project simultaneously. She was recently seen at a book launch event of her dear friend, Sonia Golani at Marini queen exhibition at ...

International »

China ready to fight `bloody battle` to regain its rightful place in world: Xi

AFP, Beijing : President Xi Jinping delivered a blistering nationalist speech on Tuesday, warning against any attempts to split China and touting the country's readiness to fight "the bloody battle" to regain its rightful place in the world.Xi's address capped an annual session of the National People's Congress that paved the ...

Editorial »

Developing nation status without reaching benefits to common people meaningless

DESPITE Bangladesh's positive achievements towards becoming a developing nation soon growing inequality, unemployment, lack of good governance, high cost of borrowing and less trade facilities are still the major challenges that need to be overcome to achieve the developing nation's status. The nation requires sustained efforts to fight back these ...

Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Write a comment to this news