Citibank N.A. vs Standard Chartered Bank

The Supreme Court set aside the judgments and decrees of the Special Court in Suit No. 24 of 1994 and Suit No. 1 of 1995, ruling that Citibank is entitled to restitution of the total amount paid to Standard Chartered Bank (SCB) along with interest at 12% per annum, escalating to 15% in case of default. The Court emphasized the need for equitable restitution principles under the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992, and clarified the interest rates applicable. The appeals were allowed, favoring Citibank's claims for restitution and costs incurred under the previous decree.