Sri Lanka Consolidated Acts

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Debt Recovery (Special Provinces) Act (No. 2 of 1990) - Sect 21

Action not to be entertained in certain circumstance where interest claimed exceeds sum due as principal

21. No action by a lending institution for the recovery of a loan"
(a) not exceeding two hundred fifty thousand rupees or such other sum as the Minister may, by Order published in the Gazette, fix ; or
(b) recoverable over a period of not less than five years,
due to such lending institution, in terms of the procedure laid down by this Act, shall be entertained by any court if the amount claimed as interest on such loan exceds the sum due as principal.

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