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2021 (12) TMI 1479 - HC - Indian LawsPecuniary (monetary) Jurisdiction - future and pendente lite interest - whether interest claimed in the Statement of Claim can be taken into account for determining the “Specified Value” for the purposes of the pecuniary jurisdiction of the Court? - HELD THAT:- Merely because Section 12(1)(a) of the Commercial Courts Act specifically provides that the interest claimed till the date of filing of the suit is to be taken into account for determining the “Specified Value”, cannot detract from giving full effect to the “value of claim” in an arbitration for purposes of Section 12(2) of the Commercial Courts Act. It is settled principle of interpretation of statute that words of a statute are first understood in their natural and ordinary sense, unless that leads to some absurdity or unless there is something in the context, or in the object of the statute to suggest the contrary. In Section 12(2) of the Commercial Courts Act there are no reason to restrict the ambit and width of “value of claim” in arbitration from its natural meaning of including interest claimed till the date of invocation of arbitration. The portion of interest claimed till the date of invocation of arbitration would therefore, have to be taken into consideration under Section 12(2) of the Commercial Courts Act for determining the “Aggregate Value” of the claim. There is no dispute, in the present case, that when such interest is added, the “Aggregate Value” of the claim would exceed ₹2,00,00,000/- (Rupees two crore) making the petition under Section 34 of the Act beyond the pecuniary jurisdiction of the learned District Court. There are no infirmity in the Impugned Order - The appeal is, accordingly, dismissed.
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