The Court may, on a petition filed by the debtor for settlement of loan including the interest therefor, pass an order for the adjustment of the interest, if any, paid by the debtor, over and above the rate of interest fixed by the Government under section 28 of the Karnataka Money Lenders Act, 1961, towards the loan.
Section 8: Adjustment of Interest
The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003.State Ordinance of Karnataka · No. 14 of 2004
Where this provision sits
| Act | The Karnataka Prohibition of Charging Exorbitant Interest Ordinance, 2003. |
|---|---|
| Section | 8 |
| Marginal note | Adjustment of Interest |
| Jurisdiction | State of Karnataka |
| Status | In force as published by the source |
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