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2010 (10) TMI 78 - SC - Companies LawWhether the High Court is justified in reducing the interest at the rate of 18 per cent p.a. with monthly rests to 14 per cent p.a. with 12 monthly rests without appreciating the contractual rate of interest? Whether the High Court has power and jurisdiction under section 34 of the Code of Civil Procedure, 1908 (hereinafter referred to as ‘CPC’) to change the periodicity of the payment of interest as has been done in the present case, wherein as per the original judgment and decree dated 9-6-2005 passed by the DRT, the interest was payable at 18 per cent p.a. with monthly rests, whereas the Division Bench of the High Court has reduced the rate of interest from 18 per cent p.a. to 14 per cent p.a. with 12 monthly rests? Whether the claim of the Company for further reduction of the rate of interest to the extent of 12 per cent p.a. is feasible and acceptable?
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