State Of Tamil Nadu & Anr vs Saketh India Ltd

The Supreme Court addressed the issue of interest on a refunded quarrying lease amount of ` 44.55 lakhs, initially granted for ten years. The Court held that while there was no contract or statutory provision governing interest, it was just to reduce the appellate court's awarded interest rate from 18% to 12% per annum. The appeal was allowed in part, affirming the refund but modifying the interest rate.