Prakash Tatia, J. - (1.) Heard learned counsel for the parties.
(2.) The appellant-petitioner's writ petition to challenge the demand of higher rate of interest raised by the respondent- Rajasthan Financial Corporation (for short "RFC") was dismissed by the learned Single Judge vide impugned order dated 17.2.1999. The petitioner's writ petition was dismissed only by observing that the Court did not find any reason to interfere with the notice issued by the RFC.
(3.) The facts which are not in dispute are that the petitioner- a private limited company registered under the Companies Act, 1956, applied for loan of Rs. 60 lacs, which was duly sanctioned by the respondent-RFC and was communicated to the petitioner appellant vide letter dated 17/18.10.1989. There was a condition for finance that if refinance will be made available by the Industrial Development Bank of India (for short "the IDBI"), the RFC will charge interest @ 3.5% per annum above the refinance rate and the current rate of interest was kept 14%. To give effect to the contract for loan, a deed in the form of loan agreement was executed between the parties- the appellant borrower and the RFC, the copy of which is placed on record as Annexure 4 in the writ petition.;