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Supreme Court of India

Renusagar Power Co. Ltd. Etc. v. General Electric Co. Etc.

Neutral citation
Bench M.N. Venkatachaliah C, S.C. Agarawal and Dr. A.S. Anand JJ.
Decided 17 October 1993

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

20 Supreme Court benches have cited this judgment.

What the Court ordered

In the result, C.A. Nos. 71 and 71A of 1990 and C.A.NO. 379 of 1992 are dismissed and the decree passed by the High Court is affirmed with the direction that in terms of the award an amount of US$ 12,333,355.14 is payable by Renusagar to General Electric out of which a sum of US $ 6,289,800.00 has already been paid by Renusagar in discharge of the decretal amount and the balance amount payable by Renusagar under the decree is US $ 6,043,555.14 which amount on conversion in Indian rupees at the rupee-dollar exchange rate of Rs. 31.53 per dollar prevalent at the time of this judgment comes to Rs. 19,05,53,293.56. Renusagar will be liable to pay future interest @ 18% on this amount of Rs. 19,05,53,293.56 from the date of this judgment till payment. The parties are left to bear their own costs.

Judgment, p. 116

From the headnote

Foreign Awards (Recognition and Enforcement) Act, 1961 Ss.5, 7 Scope of Enquiry in proceedings for enforcement of award-Held, limited to grounds mentioned in S. 7; does not permit impeachment of award on merits. Foreign Awards (Recognition and Enforcement) Act, 1961 s.7 (1) (b) (ii)-Enforcement of award objected to as being contrary to public policy of India as well as State of New York-Held, the words 'public' refer to the public policy of India and not of the State of New York whose law governs the contract.…

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Where later benches applied it

Of those, 4 relied on · 16 referred to

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