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The NCLAT partly allowed the appeal, setting aside the NCLT's limited interest award as unsupportable and holding the respondents liable for simple interest at 6% per annum from 16.04.2010 until the date the disputed sum of Rs.285 lakh was deposited. The Tribunal declined to increase the rate to 18% sought by the appellant, citing the significant lapse of time, but found that the respondents breached the 08.09.2009 settlement and were at fault from 15.04.2010 for failing to pay or duly perform even by proposed instalments. The impugned award of interest only for 07.01.2022-28.02.2023 was set aside. Appeal disposed.
The NCLAT partly allowed the appeal, setting aside the NCLT's limited interest award as unsupportable and holding the respondents liable for simple interest at 6% per annum from 16.04.2010 until the date the disputed sum of Rs.285 lakh was deposited. The Tribunal declined to increase the rate to 18% sought by the appellant, citing the significant lapse of time, but found that the respondents breached the 08.09.2009 settlement and were at fault from 15.04.2010 for failing to pay or duly perform even by proposed instalments. The impugned award of interest only for 07.01.2022-28.02.2023 was set aside. Appeal disposed.
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