Supreme Court of India
Sovintorg (india) Ltd. v. State Bank of India, New Delhi
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that awarding interest at the rate of 15 per cent C per annum would have served the ends of justice.
Judgment, page 6
From the headnote
Consumer Protection Act, 1986: Section 14-Interest-Award of-Customer deposited Rs. I lakh in bank but same not credited to its account for 7 years-State Commission found bank not wrong in retaining amount-Hence, claim for compensation and damages, rejected-However, State Commission awarded 12% interest which was confirmed by National Commission-Held, in the absence of contract between parties for payment of interest on delayed deposit or service, interest cannot be claimed under S.34 CPC since this provision has not been specifically made applicable to the proceedings under the Act-However,
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