Section 34 CPC Empowers Court to Decide Interest Rate in Absence of Agreement: SC

I.K. Merchants Pvt. Ltd. & Ors. Vs State of Rajasthan & Ors. (Supreme Court of India)

Supreme Court held that in the absence of any agreement or contract provisions of Section 34 of the Code of Civil Procedure empowers court to determine appropriate interest rate. Accordingly, interest determined @6% per annum till date of decree and 9% per annum till date of realization on enhanced value to shares.

Facts- These appeals are filed against the judgments and orders dated 26.04.2022 and 02.05.2022 both passed by the Division Bench of Calcutta High Court

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