- 05/27/2019 at 5:10 pm #1005540EduGorillaKeymasterSelect Question Language :
In the case of M/s Kharavela Industries Pvt Ltd. Vs Orissa State Financial Corporation and Others (AIR 1985 Orissa 153(A)), the question arose whether the payment made by the debtors was to be adjusted first towards the principal or interest in the absence of any stipulation regarding making one’s own payments in the loan agreement. The case held that in the case of debt due with interest, any payment made by the debtor is in the first instance to be applied towards satisfaction of interest and thereafter towards the principal unless there is an agreement to the contrary.
What is the concept of banking discussed here?
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