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august 2015

Supreme Court of India · 2015-08-21

Citibank N.A vs Hiten P. Dalal & Ors

Citation / case number
AIR 2015 SUPREME COURT 3523
Court
Supreme Court of India
Petitioner
Citibank N.A
Respondent
Hiten P. Dalal & Ors
Author
Shiva Kirti Singh
Bench
Shiva Kirti Singh, Vikramajit Sen

Judgment text excerpt

The Supreme Court addressed the issue of restitution in the context of a money decree reversal, specifically under the principles of restitution and unjust enrichment. The Court held that Citibank must restore the monetary benefits received from Canfina, including the principal amount and interest at 9% per annum, as mandated by the decree. The Court clarified that the market value of the bonds delivered must be considered for effective restitution, ultimately determining that Canfina's loss was limited to the market value of the bonds at the time of delivery and the interest accrued.

Citibank N.A vs Hiten P. Dalal & Ors · Niyam