Forums
Back
NI ACT
Corporate & Other Laws
Ma'am in this question , rate of interest is material alteration .since it is not mentioned ,it can not be charged right ma'am??
Answers (1)
refer section 80 of the NI Act. Whenever interest rate is not mentioned, we assume 18% p.a. Interest from the date at which the same ought to have been paid by the party Charge, until tender or realization of the amount due thereon, or until such date after the institution of a suit to recover such amount as the Court directs. There is no material Alteration here. Material alteration happens when the conditions mentioned in the original instrument are altered.
Your Reply