The Supreme Court has confirmed an arbitral award directing BPL to pay 36% annual interest with monthly compounding, ruling that parties are bound by the contract they sign. The Court said high interest in commercial deals is not “unconscionable” when agreed between equal parties.
During his visit to the UK Supreme Court, Chief Justice DY Chandrachud was offered the President’s seat to deliver his lecture on “Commercial Arbitration: Shared Understandings and Developments in UK and India.” He commended the Indian judiciary for its immense caseload and discussed the increasing relevance of alternative dispute resolution methods like arbitration and mediation.
