Apex Law Journal
Apex Law Journal
An online law journal reporting latest and important judgments of Hon'ble Supreme Court of India.                                                                                                                         Click here to get free legal updates via email                                                                                                                          Click here to download forms (Address Form, List Of Documents and Memorandum Of Appearance)
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Editor

Neha Goel, Advocate

Advisory Board

S.C. Khunger, Advocate

Rohit Bansal, Advocate

Varinder Singh Kanwar, Advocate

Hittan Nehra, Advocate

Judgments on Rate of interest

Saturday, May 29, 2010
Rate of interest

Rate of interest — Quantified at the rate of 15% p.a. — Nearly tripling the decretal amount — HC directed the state authorities to deposit the amount in question in the Trial Court within an outer limit of three months from the date of order in an old litigation carried out by State of Karnataka — Further, HC directed that if the State commits any default in depositing the amount within the prescribed period of time the State shall be liable to pay interest quantified at the rate of 15% p.a. to the petitioner from the date of order upto the date on which the amount is actually tendered in court — Rate of interest questioned by way of preferring appeals mainly on the grounds that State had diligently perused these litigations all through and said rate of interest, if accepted, would have the effect of nearly tripling the decretal amount — Held — Judgment of the High Court may be modified to the extent that the respondents be paid interest at the rate of 10 per cent per annum and not 15 per cent from the date mentioned in the impugned judgment — In the event, the amount, as directed above, is not paid by the State within six months from the date of supply of a copy of this order to it by the respondents, the State shall be liable to pay interest at the rate of 15 per cent per annum as directed by the High Court.

 
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