2002 (3) TMI 944 - SC - Indian Laws

Summary

The Supreme Court of India considered whether the contractual rate of interest should be awarded in a case involving the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Court decided to refer the case to a larger Bench for interpretation of the proviso to Section 34(1) of the Code of Civil Procedure, as it was not addressed in a previous decision. The papers were to be placed before the Chief Justice of India for further action.