Bharat Coaking Coal Ltd vs. Isha Chemicals Micro Nutrients Pvt Ltd

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO.5421 OF 2023 (Arising out of SLP (C)NO. 6160 of 2022)

BHARAT COAKING COAL LTD & ORS. APPELLANT(S)

VERSUS

ISHA CHEMICALS MICRO NUTRIENTS PVT LTD & ORS. RESPONDENT(S)

O R D E R

Leave granted.

Heard learned senior counsel for the appellants as also learned counsel for the respondents and perused the appeal papers.

At the outset we take note that this Court had directed notice on 11.04.2022 to consider the rate of interest at which the recovery is to be permitted. This is due to the fact that the learned Single Judge as well as the Division Bench of the High Court, through their orders dated 28.09.2018 and 29.10.2021 respectively while indicating the refund of the amount had directed that the interest payable is at the rate of 18% per annum.

Learned senior counsel for the appellants would contend, with reference to the appeal papers that there was constraint for the appellants herein to refund the amount since the entire Digitally signed by Rajni Mukhi Date: 2023.08.28 17:51:38 IST Reason: Signature Not Verified

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issue was being investigated and the amount as due, could not have been paid at that juncture. Though, this aspect of the matter is disputed by the learned senior counsel for the respondents and contended that the respondents were put to loss due to non-payment of amount by the appellants and they had incurred the liability to pay interest to their Bankers which has been noted by the learned Single Judge as being at the rate of 17.75% per annum , in a matter of the present nature, we are of the opinion that as to the rate of interest the matter would assume several dimensions to consider as to whether the loss as suffered by the respondents was on account of the appellants.

Be that as it may, taking note that the matter has been lingering for quite some time and the order of the learned Single Judge itself is of the year 2018, it would be appropriate to dispose of the appeal without allowing the parties to litigate any further.

In that view, taking into consideration the over all aspects of the matter, we are of the opinion that interest as awarded at the rate of 18% per annum is on the higher side. Hence, we direct that the amount payable, be paid with interest at the rate of 12% per annum. In all other respects, the order dated 28.09.2018 passed by the learned Single Judge and order dated 29.10.2021 passed by the Division Bench of the High Court are sustained.

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The amount shall be calculated in the manner as indicated above at the rate of 12% per annum and be paid within a period of two weeks from this date.

In this regard, it is made clear that if the amount towards interest has also been deposited in any of the Fora and any amount has been withdrawn by the respondents, such deductions shall be made and the remaining amount shall be paid.

With the above observations and directions, the appeal stands disposed of.

…..……………………………………………………J. [A.S. BOPANNA]

...……….……………………………………….J. [M.M.SUNDRESH]

NEW DELHI; AUGUST 25, 2023

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ITEM NO.56 COURT NO.7 SECTION XII-A

S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS

Petition for Special Leave to Appeal (C) No. 6160/2022

(Arising out of impugned final judgment and order dated 29-10-2021 in LPAOW No. 5/2019 passed by the High Court of Jammu & Kashmir and Ladakh at Srinagar)

BHARAT COAKING COAL LTD & ORS. Petitioner(s)

VERSUS

ISHA CHEMICALS MICRO NUTRIENTS PVT LTD & ORS. Respondent(s)

(IA No. 71152/2023 - PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES)

Date : 25-08-2023 These matters were called on for hearing today.

CORAM :

HON'BLE MR. JUSTICE A.S. BOPANNA HON'BLE MR. JUSTICE M.M. SUNDRESH

For Petitioner(s)	Mr. Anupam Lal Das, Sr. Adv.<br>Mr. Parijat Kishore, AOR<br>Mr. Anirudh Singh, Adv.<br>Mr. Atul Dong, Adv.
For Respondent(s)	Mr. Ravindra Shrivastava, Sr. Adv.<br>Mr. Divyakant Lahoti, AOR<br>Ms. Praveena Bisht, Adv.<br>Ms. Vindhya Mehra, Adv.<br>Mr. Kartik Lahoti, Adv.<br>Ms. Garima Verma, Adv.<br>Mr. Saksham Barsaiyan, Adv.<br>Ms. Devangana Singh, Adv.<br>Ms. Sanaya Shukla, Adv.<br>Mr. Ieeshan Sharma, Adv.<br>Ms. Sukriti Chauhan, Adv.<br>Mr. K.M. Nataraj, A.S.G.<br>Mr. Gurmeet Singh Makker, AOR<br>Mr. Vatsal Joshi, Adv.<br>Mr. Sibo Shankar Mishra, Adv.<br>Mr. Adit Khorana, Adv.

Mr. Anand Sanjay M. Nuli, Adv. Mr. Chinmayee Chandra, Adv.

UPON hearing the counsel the Court made the following O R D E R

Leave granted.

The appeal is disposed of in terms of signed order.

Pending application(s) shall also stand disposed of.

(RAJNI MUKHI) (DIPTI KHURANA) COURT MASTER (SH) ASSISTANT REGISTRAR

(Signed order is placed on the file)