The power of the courts to award interest on interest or compound interest in a given case subject to the power conferred under the statutes or under the terms and conditions of the contract but where no such power is conferred ordinarily, the courts do not award interest on interest – D. Khosla and Company Vs. The Union of India – Supreme Court
Hon’ble Supreme Court referring judgments in ONGC vs. M.C. Clelland Engineers S.A. (2017) ibclaw.in 252 SC, State of Haryana and Ors. vs. S.L. Arora and Company (2017) ibclaw.in 249 SC and Hyder Consulting (UK) Ltd. vs. Governor, State of Orissa (2017) ibclaw.in 610 SC and provisions of Arbitration Act, 1940, Interest Act, 1978 and Section 34 of the CPC, has held that ordinarily courts are not supposed to grant interest on interest except where it has been specifically provided under the statute or where there is specific stipulation to that effect under the terms and conditions of the contract. There is no dispute as to the power of the courts to award interest on interest or compound interest in a given case subject to the power conferred under the statutes or under the terms and conditions of the contract but where no such power is conferred ordinarily, the courts do not award interest on interest.