The High Court, by the impugned order, certified that the case involved the following substantial question of law of general importance which required a decision by this Court. “In terms of the agreement dated 29th June 1982 between the parties and in light of the judgment dated 24th February 2015 of the Supreme Court of India in Civil Appeal Nos. 2543-44/2015, what should be the relevant date for conversion of the awarded sum from USD to Indian rupees?” (Para 1)
We do not find any mention of payment being made in the Indian Currency i.e. INR from the agreement. Once there is no contract between the parties of making payment in Indian Currency INR, then, there would be no question of determining or finding out any date of conversion. (Para 8)
The first question to be considered is whether the agreement, award or the judgment of this Court dated 24.02.2015 provided for payment of the awarded amount in Indian currency. In our considered view, perusal of the above material does not permit payment of the awarded amount in Indian currency except the amount of Rs. 20 lacs with admissible interest against the encashment of bank guarantee. As a necessary corollary, there would be no question of the amount awarded in Iraqi Dinars to be converted in Indian currency. The only conversion permissible was in US Dollars. In the above back drop, the question referred by the impugned judgment to be answered by this Court may not arise at all. (Para 12)
In the above fact situation, there is no occasion or requirement for determining or fixing any date for conversion of the US Dollars into Indian Currency (INR). The payment has to be made in the foreign currency only along with computed interest. It would be open for the parties to pay and the other parties claiming to accept the Indian currency either at the current rate or at the agreed rate but this Court cannot meddle with the terms of the agreement or the award or the directions contained in the judgment of this Court dated 24.02.2015. (Para 13)
SUPREME COURT OF INDIA
2023 STPL(Web) 330 SC
[2023 INSC 899]
National Projects Construction Corporation Limited Vs. Royal Construction Company Private Ltd.
Civil Appeal No. 1991 of 2019 With Civil Appeal No. 2528 of 2019-Decided on 10-10-2023
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