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1 - 10 of 14 (0.48 seconds)Section 3 in The Interest Act, 1978 [Entire Act]
Article 142 in Constitution of India [Constitution]
The Arbitration Act, 1940
Mcdermott International Inc vs Burn Standard Co. Ltd. & Ors on 12 May, 2006
[emphasis supplied]
But a careful reading of the decision in Mcdermott, shows that the portion of
Mcdermott extracted in Three Circles, assuming it to be the law laid down in
Mcdermott, is not a finding or conclusion of this court, nor the ratio decidendi
of the case, but is only a reference to the contention of the respondent in
Mcdermott. Paras 1 to 27 (of the SCC report) in Mcdermott state the factual
background. Paras 28 and 29 contain the submissions of the learned counsel
for BSCL, the respondent therein. Paras 30 to 44 contain the submissions
made by the learned counsel for Mcdermott, the appellant therein, in reply to
the submissions made on behalf of BSCL. The passage that is extracted in
Three Circles is part of para 44 of the decision which contains the last
submission of the learned counsel for Mcdermott on the question of interest.
The reasoning in the decision starts from para 45. This Court considered the
several questions seriatum in paras 45 to 160. The question relating to
interest was considered in paras 154 to 159 relevant portions of which we
have extracted above. Therefore, the observation in Three Circles that
Mcdermott held that interest awarded on the principal amount upto the date of
award becomes the principal amount and therefore award of future interest
therein does not amount to award of interest on interest, is per incuriam due
to an inadvertent erroneous assumption.
The Arbitration And Conciliation Act, 1996
The Code of Civil Procedure, 1908
Section 34 in The Arbitration And Conciliation Act, 1996 [Entire Act]
Section 34 in The Code of Civil Procedure, 1908 [Entire Act]
State Bank Of India, Bhubaneswar vs Ganjam District Tractor Owners' ... on 20 June, 1994
[emphasis supplied]
In State Bank of India vs. Ganjam District Tractor Owners Association -
1994 (5) SCC 238, this Court again observed that in the absence of a
provision for compound interest or interest with periodical rests in the
agreement between a bank and the borrower, the bank cannot claim such
interest.