In Brief
Delta Rubber & Plastic Products and others borrowed Rs. 2 lakh from Municipal Cooperative Bank in 1996 but failed to repay. The Bank sued for recovery before the Registrar, who decreed the suit. The Tribunal partly allowed the appeal by reducing interest from 24% to 21%. The High Court upheld this order. The Supreme Court held that concurrent findings on membership, loan disbursement, and default were justified by adequate evidence. The Court modified the judgment by reducing the interest rate to 14% per annum from the date of filing the suit, and gave the appellants six months to pay the full decretal amount.
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