M/S. SHAKTI TUBES LTD. vs STATE OF BIHAR .

The Supreme Court addressed the appeal concerning the decree for payment of Rs. 38,13,480/- along with interest at 24% per annum, which was modified by the Patna High Court to 9% per annum. The Court emphasized the importance of adhering to contractual terms regarding payment rates as stipulated in the agreement under the Indian Companies Act. The Court ultimately upheld the trial court's decree for the original amount but modified the interest rate, establishing that interest should reflect the agreed-upon terms unless otherwise justified.