Conditional Deposit Won't Stop Interest If Award-Holder Can't Freely Withdraw It: Supreme Court
The case involves a dispute over whether interest should continue to accrue on a deposited amount when the award-holder cannot freely withdraw it, between National Seeds Corporation Ltd. (appellant) and National Agro Seed Corporation (India) (respondent).
National Seeds Corporation Ltd. (appellant), National Agro Seed Corporation (India) (respondent), Bench: Not specified in the text
- The Court held that a conditional deposit does not extinguish the debtor's liability or place it in the creditor's hands.
- The appellant must pay interest at 12% per annum from 13.06.2019 to 08.09.2022.
- The Court directed the release of interest accrued on the deposited amount as per order dated 25.03.2026.
- The High Court allowed the respondent's application for release of interest on 30.04.2026.
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Document details
| Official title | Conditional Deposit Won't Stop Interest If Award-Holder Can't Freely Withdraw It: Supreme Court |
| Source body | Supreme Court of India — orders & judgments |
| Reference number | SLP on 26 August 2022, the award attained finality and the executing court, on 8 Se |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |