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.