Delhi HC directs real estate firm to repay loan with interest
New Delhi: The Delhi High Court has directed a real estate company to return about Rs 15.5 crores to two men who had lent the money to the private firm as business loan in 2010.
Allowing two recovery suits, Justice Rajiv Sahai Endlaw has directed the realtor firm to pay Rs 5,75,17,240 to Satyendra Jain and Rs 9,94,14,041 to Ravi Sharma with 36 percent rate of interest as it was part of the agreement between the parties.
In addition, the court also asked the city-based company to pay 9 percent interest to Jain and 15 percent interest to Sharma on the principal amount of loan.
"A decree is passed in favour of the plaintiff in each case and against the defendants (real estate company and its director)...," the court said.
The realtor company had entered into an agreement with these persons and taken the business loan in January 2010 and agreed to return the amount by September, 2010, with 36 percent rate of interest.
After the company failed to return the amount within the time fixed and the post dated cheques issued by the company bounced, the plaintiffs had approached the high court.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Karnataka, Madhya Pradesh bypoll results: As it happened on November 24
- Tirupati, Tirumala rains update: Temple remains open; pilgrims continue to pour in for darshan
- BJP's big poser to Aamir Khan: Is there any better neighbour for Muslims than a Hindu?
- Muslim leader Asaduddin Owaisi says Aamir Khan wrong in wanting to leave India
- Salman Khan rules 2015 Bollywood Box Office – here’s why