Whether rate of interest in international commercial Arbitration will be governed by law of seat of arbitration?

 'Interest' is defined as "the return or compensation for the use or retention by one person for a sum of money belonging to or owned by any reason to another"1. In essence, an award of Interest compensates a party for its forgone return on investment, or for money withheld without a justifiable cause.

The current practice of awarding Interest in international commercial arbitrations is riddled with inconsistencies, and is criticized for lack of uniformity In international contracts, there is no consensus on the method or rate of awarding Interest.

4. In an international commercial arbitration, in the absence of an agreement between the parties on Interest, the rate of Interest awarded would be governed by the law of the Seat of arbitration.

The rate of interest awarded must correspond to the currency in which the award is given, and must be in conformity with the laws in force in the lex fori.

IN THE SUPREME COURT OF INDIA

Civil Appeal No. 10394 of 2018 (Arising out of SLP (Civil) No. 25819 of 2018)

Decided On: 11.10.2018

Vedanta Ltd. Vs. Shenzen Shandong Nuclear Power Construction Co. Ltd.

Hon'ble Judges/Coram:

Rohinton Fali Nariman and Indu Malhotra, JJ.

Citation: AIR 2018 SC 4773

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How to appreciate evidence in case of robbery in train?

 In the instant case we have found that the prosecution has successfully established the recovery of the currency notes from the possession of the appellants which were the subject matter of robbery. The currency notes have been duly identified having regard to the special features, namely -- existence of chits on the bundles bearing the seal of the firm and the signatures of PW.16. PW.1 correctly identified all the appellants while PW.3 identified two of them, namely - HukumSingh and Lal Singh. 
The evidence of identification has to be considered in the peculiar facts and circumstances of each case. Though it is desirable to hold the test identification parade at the earliest possible opportunity, no hard and fast rule can be laid down in this regard. If the delay is inordinate and there is evidence probabilising the possibility of the accused having been shown to the witnesses, the Court may not act on the basis of such evidence. Moreover, cases where the conviction is based not solely on the basis of identification in Court, but on the basis of other corroborative evidence, such as recovery of looted articles, stand on a different footing and the Court has to consider the evidence in its entirety.

Equivalent Citation: 2004(1)ACR356(SC), AIR2004SC299, 2004(1)BLJR455, 2004CriLJ378, JT2003(8)SC488, 2003(9)SCALE256, (2003)12SCC554

IN THE SUPREME COURT OF INDIA

Criminal Appeal No. 631 of 2001 with Special Leave Petition (Crl.) No. 4657 of 2003 (Crl. M.P. No. 7792 of 2002)

Decided On: 04.11.2003

Appellants: Lal Singh and Ors.

Vs.

Respondent: State of Uttar Pradesh

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