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High Court of Bombay at Goa Reduces Interest Rate from 12% to 9% in Contractor's Recovery Suit Against State. The court held that interest under Section 34 CPC must be reasonable and not excessive, reducing the rate to 9% per annum.

The dispute arose out of a contract awarded by the State of Goa to P.B. Ibrahim, a Class I PWD Contractor, for improvement of riding quality of NH-4A ...

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High Court of Bombay at Goa Partially Allows Contractor's Appeal in Contract Dispute Over Interest and Escalation Claims. Court holds that interest under Section 34 CPC is discretionary and that escalation claims not pleaded cannot be awarded.

The dispute arose out of a contract for improvement of riding quality of NH-4A in Goa awarded by the State of Goa to P.B. Ibrahim, a Class I PWD Contr...

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Bombay High Court Allows Debenture Trustee's Claim for Payment from Suit Amount Held by Court Receiver in Priority Over Assignee of Decree. The court held that an assignee of a decree steps into the shoes of the assignor and cannot claim priority over the original decree holder who is a debenture trustee.

The dispute arose from a suit filed by ICICI Bank Ltd. (plaintiff) as debenture trustee for holders of 15% non-convertible debentures issued by Pal Pe...

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Bombay High Court Partially Upholds Arbitral Award in Railway Contract Dispute — Interest Rate Reduced from 18% to 9%. The court held that the arbitrator's award did not violate public policy but reduced the interest rate as excessive under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, Union of India, challenged an arbitral award dated 8 October 2010 under Section 34 of the Arbitration and Conciliation Act, 1996. The ...

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Bombay High Court Dismisses Appeal Seeking Permanent Stay of Winding Up of Svadeshi Mills Company Limited. Section 466 of Companies Act, 1956 does not permit stay of winding up after assets have been sold and substantial progress made in liquidation.

The case concerns an appeal against the dismissal of a company application under Section 466 of the Companies Act, 1956, seeking a permanent stay of t...

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Bombay High Court Dismisses Insurance Company's Challenge to Arbitral Award in Trust and Coverage Dispute. Majority Award Upheld as Not Patently Illegal Under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, The New India Insurance Company Limited, challenged an arbitral award dated 27 July 2009 passed by a three-member Arbitral Tribunal un...

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Bombay High Court Dismisses Builder's Challenge to Trust's Property Sale Without Public Advertisement. Permission Granted Under Section 36 of Indian Trusts Act, 1882 for Alienation at Rs.661 per sq.ft. Held Adequate.

The petitioner, a builder, challenged an order dated 31st May 2005 passed by the Court granting permission to the respondent No.1 Trust to alienate it...