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Report No. 55

41. Recommendation for amendment of section 34.-

In the light of the above discussion, we recommend that section 34(1) of the Code of Civil Procedure, 1908, should be amended by inserting the following proviso and Explanation:-

"Provided that:-

(a) where the principal sum adjudged exceeds five thousand rupees, and

(b) the liability in respect of which the decree is passed arose out of a commercial transaction, the rate at which such further interest may be ordered may exceed six per cent. per annum.

"Explanation:-For the purposes of this section, a transaction is a commercial transaction, if it is connected with the industry, trade or business of the party incurring the liability."

We should, before we part with this Report, place on record our warm appreciation of the assistance we have received from Shri Bakshi, Member-Secretary of the Commission, in dealing with the problem covered by the Report.

As usual, Shri Bakshi first prepared a draft which was treated as a Working Paper. The draft was considered by the Commission point by point, and, in the light of the decisions taken tentatively by the Commission, Shri Bakshi prepared a final draft for consideration which was after elaborate discussion approved by the Commission. Throughout the study of this problem, Shri Bakshi took an active part in our deliberations, and has rendered very valuable assistance to the Commission.

P.B. Gajendragadkar, Chairman.

V.R. Krishna Iyer, Member.

P.K. Tripathi, Member.

S.S. Dhavan, Member.

S.P. Sen-Varma, Member.

P.M. Bakshi, Member-Secretary.

New Delhi,

Dated: 14th May, 1973.

Rate of Interest for the Period after Decree and Interest on Costs Under Sections 34 and 35 of the Code of Civil Procedure, 1908 Back

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