STATE OF TAMIL NADU vs SAKETH INDIA LTD.

The Supreme Court addressed the issue of interest on a lease amount, where the appellant contended that there was no contract or statutory provision governing the interest rate. The Court held that while the original rate of 18% per annum was unwarranted, a reduction to 12% per annum was appropriate in the interests of justice. The appeal was allowed in part, modifying the interest rate accordingly.