Supreme Court of India
Chief Executive Officer and Vice Chairman Gujarat Maritime Board v. Asiatic Steel Industries Ltd and Ors.
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.
From the 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 @ 10% interest per annum from 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 from 08.11.1994 to 19.5.1998 – Appeal to Supreme Court…
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