Supreme Court · 2020 INSC 654 · Decided 24 November 2020
Chief Executive Officer and Vice Chairman Gujarat Maritime Board v. Asiatic Steel Industries LTD and ORS.
- Court
- Supreme Court of India
- Citation
- 2020 INSC 654 · [2020] 10 S.C.R. 375
- Case number
- CIVIL APPEAL No. 3807/2020
- Decided
- 24 November 2020
- Bench
- INDIRA BANERJEE, S. RAVINDRA BHAT (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
Interest: Contract for shipbreaking - By Maritime Board - To the respondent-Company - Earnest money deposited on 08.11.1994 - Upset premium paid on 22.03.1995 - Awardee of contract (respondent No. 1) sought refund of contract amount @ the date of remittance - Board agreed for the refund but without interest - Writ petition by the awardee seeking refund with interest @ 12% per annum - High Court allowed the petition directing the Board to pay interest @ 10% on earnest money and @ 6% on the principal amount
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