SAMTEL COLOUR LIMITED Vs. KHEMAKA CONTAINERS LIMITED

JUDGEMENT

(1.) THIS case is on the 'Regular Board' of this Court since 3.1.2011. Today, it is effective item No.5 on the regular list. It is 12.50 P.M. but no one appears for the respondent. I have therefore heard the learned counsel for the appellant and perused the record and am proceeding to dispose of the appeal.

(2.) AT the outset, learned counsel for the appellant very fairly presses the only issue of the high interest rate of 18% per annum granted by the impugned judgment and decree for the pre-suit period on the principal amount of Rs.1,42,062/-. Learned counsel for the appellant relies upon the recent judgments of the Supreme Court in which it is stated that in view of the changed economic scenario and the fall in the rates of interest, the Court should reduce the high rates of interest which are granted, especially considering the long pendency of litigation. These judgments of the Supreme Court are Rajendra Construction Co. v. Maharashtra Housing and Area Development Authority and others, 2005 (6) SCC 678, McDermott International Inc. v. Burn Standard Co. Ltd. and others, 2006 (11) SCC 181, Rajasthan State Road Transport Corporation v. Indag Rubber Ltd., (2006) 7 SCC 700 and Krishna Bhagya Jala Nigam Ltd. v. G.Harischandra, 2007 (2) SCC 720 and State of Rajasthan Vs. Ferro Concrete Construction Pvt. Ltd (2009) 3 Arb. LR 140 (SC)