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2005 (10) TMI 494 - SUPREME COURTWhether the Corporation chose to receive payment from the indenting departments or not? Held that:- Appeal allowed in part. In relation to the transactions made prior to coming into force of the said Act, simple interest at the rate of 9% per annum, which was the bank rate at the relevant time, shall be payable both prior to date of filing of the suit and pendente lite and as future interest in terms of Section 34 of the Code of Civil Procedure. Interest, however, will be payable in terms of the provisions of the 1993 Act (compound interest at the rate of 23.5.% per annum) in relation to the transactions made after coming into force of the Act, both in respect of interest payable upto the date of institution of the suit and pendente lite and till realisation. The judgment and decree to that extent requires to be modified. It is directed accordingly. The appeal is, therefore, allowed in part in regard to interest and to the extent mentioned hereinbefore. The Corporation shall bear the costs of the Respondent in this appeal. Counsel's fee is assessed at Rs. 25,000/-.
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