Cheque as Security Dishonored: No Legally Enforceable Debt Without Specific Agreement on Interest Collection at 24.

Dishonor of Cheque - funds insufficient - legally enforceable debt or not - the cheque which was issued by him towards security and the same was used by the petitioner for submitting this complaint. In such circumstances, in the absence of any specific understanding arrived at between the parties enabling the appellant to collect interest at the rate of 24%, it cannot be concluded that the amount mentioned in Ext. P1 cheque reflects the actual amount of legally enforceable debt. - HC .....

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