Home Case Index All Cases Indian Laws Indian Laws + SC Indian Laws - 2018 (5) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1969 - SC - Indian LawsCompensation for loss - execution of awards - Section 25 and 27 of the Consumer Protection Act, 1986 - whether the interpretation adopted is in the process of giving a true effect to the decree or they have gone beyond the decree by drawing a new decree? HELD THAT:- In a contractual matter, when the decree is silent with regard to the reckoning date of conversion of foreign currency in to Indian rupees, what would be the methodology to be followed by the executing court is no more res integra, as this court has an occasion to deal with elaborately in the case of Forasol v. ONGC, [1983 (10) TMI 234 - SUPREME COURT], the facts of that case revolved around a contract entered into between ONGC and Forasol for carrying out structural drilling in relation to the exploration of oil in the Jaisalmer area. The contract mandated a part payment in the foreign currency i.e., French francs. Due to belligerent situation prevalent between India and Pakistan in 1965, the contract was suspended. We are unable to agree with the contentions of the learned counsel for the appellant that the NCDRC has gone beyond the decree and the NCDRC ought not to have gone into clause 17 are meritless hence rejected. In a case of this nature the only remedy available to the court is either to look at the terms of the contract or in the absence of the same to follow the procedure laid down by this court in the above stated judgment. The order passed by NCDRC is strictly in accordance with the settled legal position and we do not find any infirmity with the order. Without undertaking a piece meal approach as suggested by the appellant herein, interpreting the decree in a manner which may amount to substitution of a new decree is not countenanced under law. Therefore, it is clear that as per the insurance contract, the respondent insurer was required to pay the insurance claim in accordance with the conversion rate of the invoiced foreign currency in Indian rupee as per the bank buying rate of interest at Mumbai on the date of subject shipment for which the invoice was issued. There are no grounds to interfere with the order of the NCDRC which is based on sound principles of law - appeal dismissed.
|