Interest - A civil suit was filed for recovery on account
of shortage of wheat - Decreed - Were allowed to furnish security before the trial Court qua the amount in question to safeguard the interest of the Corporation - Pensionary benefits - Respondents were not justified to hold back the amount of
pensionary benefits only because of the pending litigation interse the Corporation and the petitioners to which they were not party only on account of the recommendation made - Respondent
directed to pay interest @10% per annum - Needful be done within a period of two months from the date of receipt of a certified copy of this order failing which the petitioner will be
entitled for interest at the rate of 12% per annum. (183) P.L.R.
Interest - Arbitrator has awarded lesser amount of interest @ 9% as
there was no stipulation in the Contract qua amount of rate of interest and therefore, in view of the commercial transaction and as well as the provisions of sub-Section 7 of Section 31 of
the 1996 Act, the Contractor is entitled for interest @ 18% - This fact has escaped the notice of the Objecting Court and erroneously rejected the claim - Arbitration and Conciliation Act,
1996 (26 of 1996) S. 31(7). (183) P.L.R.
Interest - As per decree, was entitled to receive retiral benefits
along with interest at the rate of 9% per annum and there was no such direction of the Court that he was entitled to seek payment along with compound interest - Prayer for compound interest -
Rightly declined. (183) P.L.R.
Interest - At the time of making payments, the JDs had
never made any specific appropriation thereof towards the principal amount - When the JDs had not made payments specifically mentioning therein that those are to be adjusted against the
principal amount, it is urged by the decree holder that the Executing Court could not have allowed such appropriation towards the principal amount - Award - It is clear from the award that in
absence of any agreement to the contrary between the parties and their being no stipulation in the award that the amount deposited by the JDs was firstly to be adjusted in the principal
amount, the general principal was to follow.(178) P.L.R.
Interest - Award of the Arbitrator was made rule of the
court under the Arbitration Act, 1940 and even future interest from the date of decree by the trial court till recovery was awarded @ 12% perannum - Interest till date of award being in the form of damages becomes principal amount and
therefore, future interest is payable on the said amount of interest aswell - Arbitration Act, 1940 (10 of 1940). (173) P.L.R.4
Interest - Awarded amount by Motor Accident Claims Tribunal deposited
before Tribunal - No proceedings were pending between the decree holders and the Insurance Company at the time when the deposit was made on 06.11.2007 - R.S.K., Advocate was not a counsel for
the claimants at the time of deposit by the insurer, therefore, an endorsement on the application for deposit by R.S.K. can not be treated as a notice of deposit to the decree holders - As
the decree holders did not receive an intimation with regard to deposit through any legal process, no fault can be found in the impugned order so far as holding the decree holders entitled to
interest - Motor Vehicles Act, 1988 (59 of 1988) S. 171. (182) P.L.R.
Interest - Decreed @ 12% pendente lite and future
interest @ 6%. (175) P.L.R.
Interest - If the contract rate was 12% then there is
nothing that prohibits the Court from accepting the contract rate and granting a decree in terms of such a contract - I do not find that there is any statutory prohibition against grant of
interest @12% in the manner in which the Court has granted.(182) P.L.R.
Interest - If there are no provisions for interest, the respondent-bank
would not be entitled to claim the same - Haryana Agricultural Credit Operation and Miscellaneous Provisions (Banks) Act, 1973 (34 of 1973). (183) P.L.R.
Interest - Late payment of G.P.F. and additional DA -
Lower Court awarded 18% - Since the learned courts below awarded 18% interest, without justifying the same by referring to any strong reason for it, the impugned judgments and decrees cannot
be sustained as such and the same are liable to be suitably modified - Reduced to 12% per annum. (178) P.L.R.
Interest - Loan was advanced for agricultural purpose -
Awarded future interest @ 6% p.a., has been awarded instead of agreed rate of 17-1/2% p.a. with half yearly rest - Grant of future interest falls in the discretion of the Court. (175)
Interest - Murder - Compensation - There is virtually no
pleading as regards the claim for interest on the amount to be awarded by the Court - In fact the plaintiffs claimed amount as lump sum amount in the suit - When lump-sum amount has been
sought for and no interest has been prayed for by the plaintiffs, the question of granting interest does notarise. (177) P.L.R.
Interest - Since the goods have been supplied by the
plaintiff-company to the defendant-company on the basis of terms and conditions incorporated in the invoices, the terms and conditions, as shown in the invoices in respect of payment of
interest on the delayed payment or on overdue amount is arisen out of contractual/ bilateral agreement between the parties and each of the party is bound by the terms and conditions of the
agreement - The defendant company is liable to pay the interest as per terms and conditions, as mentioned in the invoices on the over due amount. (178) P.L.R.
Interest - Where entire sale consideration had been paid
- Aforementioned amount had been retained by the defendant till date - Court found that the respondents-plaintiffs were not ready and willing to perform their part of the agreement and
instead of granting the discretionary relief under Section 20 of the Specific Relief Act, 1963 held them entitled to refund of earnest money and interest at the rate of 18%
determined,damages to the tune of Rs.50,000/- - Order upheld. (182) P.L.R.
Interest - Whether the activity of running a cold storage
can be termed as agricultural activity - Interest reduced by DRAT taking it as agricultural land - The borrower is a private limited company engaged in the commercial activity of a cold
storage - Such facility can be utilised on payment of charges either by agriculturists, retailers, traders etc. - It is, in fact, a process of hiring of the cold storage space with the
facility of maintaining particular temperature for a particular produce - This is clearly a commercial enterprise, which in our view, does not fall even within the expanded definition of
Section 2(a) of the the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act 1978 ( of 1978) - Recovery of Debts to Banks and Financial Institutions Act, 1993 (51 of
1993) S. 19. (174) P.L.R.