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        Indian Laws

        SC upheld the arbitral award and HC's decision, holding that the...

        SC upholds 36% compound interest under Section 31(7), rejects Usurious Loans Act and Section 74 challenge

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                SC upheld the arbitral award and HC's decision, holding that the transaction was a bill discounting facility, not a loan, rendering the Usurious Loans Act inapplicable. Relying on Section 31(7) of the Arbitration Act, SC affirmed party autonomy in stipulating interest, including high and compound interest, and held that the agreed 36% compound interest was not unconscionable, penal, or opposed to public policy. Section 74 of the Contract Act was found inapplicable to the enhanced interest clause, which was treated as a valid commercial bargain. The contra proferentem rule was rejected in light of clear contractual language. Appeal dismissed.
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