https://www.taxtmi.com/caselaws?id=303409 The Supreme Court upheld the entitlement of the Appellants to receive interest on delayed payments under a contract for the upgradation of a State Highway. The Court determined that the blank space in the bid document did not negate the entitlement to interest but only left the rate unspecified. The Court modified the interest rate awarded by the Tribunal to 8% simple interest per annum, deeming the initial rate of 1% per month compounded monthly excessive. The appeal was allowed, and no order as to costs was made. en-us Thu, 22 Apr 2021 00:00:00 +0530 Wed, 20 Jul 2022 21:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303409 The Supreme Court upheld the entitlement of the Appellants to receive interest on delayed payments under a contract for the upgradation of a State Highway. The Court determined that the blank space in the bid document did not negate the entitlement to interest but only left the rate unspecified. The Court modified the interest rate awarded by the Tribunal to 8% simple interest per annum, deeming the initial rate of 1% per month compounded monthly excessive. The appeal was allowed, and no order as to costs was made. Case-Laws Indian Laws Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303409