Syndicate Bank vs R. Veeranna And Ors

The Supreme Court upheld the findings of the trial court and the High Court regarding the recovery of loan amount by the plaintiff-Bank, affirming that the defendants acknowledged the debts and that the suit was within the limitation period. The Court ruled that the plaintiff-Bank was entitled to recover Rs. 9,82,963.47 with interest at 11% per annum, rejecting the claim for a higher interest rate based on the Reserve Bank of India guidelines. The Court emphasized that unilateral changes in interest rates by the Bank were not permissible under the Usurious Loans Act, thus affirming the lower courts' decisions.