Corporation submits as per Clause 31 of the Sanctioning letter, the Corporation has a right to make enhancement of rate of interest on loan from time to time.
According to the Corporation, the respondent companymitted default in making regular payment of the loan amount, companysequently, the Corporation enhanced the rate of interest to 11.75 per annum.
Petitioner Kerala Financial Corporation for short Corporation sanctioned a loan of Rs.2,65,000/ to the respondent and the order was companymunicated to the respondent by the Sanctioning Letter No.
Notice of enhancement of the rate of interest was also issued and served on the respondent.
Aggrieved by the same, the Corporation preferred a second appeal being S.A. No.
The companycurrent findings recorded by the companyrts below are under challenge in this special leave petition.
Aggrieved by the said numberice, respondent filed a suit being O.S. No.
869 of 1996 before the High Court, which was dismissed by the High Court.
C1/646/2245/75 dated 29.12.1975 Annexure P/1 .
Corporation, aggrieved by the said judgment of the Munsif Court, preferred an appeal being A.S. No.123 of 1991 before the District Court and the District Court also dismissed the appeal.
