CHIEF EXECUTIVE OFFICER AND VICE CHAIRMAN GUJARAT MARITIME BOARD vs ASIATIC STEEL INDUSTRIES LTD.

The Supreme Court upheld the High Court's decision to grant a refund of ₹3,61,20,000 to Asiatic Steel, along with interest at 10% per annum from 19.05.1998, as per the provisions of contract law. The Court clarified that the Board's obligation to refund arose due to the inability to provide the necessary connectivity for ship-breaking operations, which constituted a breach of contract. The judgment confirmed the High Court's interim order and resolved the issues regarding the calculation of interest and the refund of earnest money, affirming the entitlement of Asiatic Steel to the claimed amounts.