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M/S. Jermyn Capital LLC Dubai vs. Central Bureau of Investigation & Ors.

Criminal Appeal · 2023 INSC 547Decided 17 May 2023
Criminal Appeal No. 1434 of 2023
Krishna Murari · Sanjay Kumar

Background

By an earlier order dated 9 May 2023, the Supreme Court had allowed the appellant's appeal and set aside a condition requiring it to furnish a bank guarantee before withdrawing Rs. 38.52 crore that had been held up in litigation, permitting withdrawal with 4% simple interest from 8 May 2006. The appellant then produced earlier orders (from the Securities Appellate Tribunal and this Court dating back to 2006-2009) showing that the sale proceeds making up this amount had specifically been directed to be kept in bank fixed deposits to earn a higher rate of interest, and sought modification of the 9 May order accordingly.

Decision Breakdown

Noting the earlier orders directing the funds be placed in fixed deposits for a better return, the Court modified paragraph 21 of its 9 May 2023 order to permit the appellant to unconditionally withdraw the amount along with the actual fixed deposit interest that had accrued on it, rather than a flat 4% simple interest. The application for modification was allowed and the miscellaneous application was disposed of accordingly.

Lesson Learnt

Courts can and do correct or fine-tune the terms of their own recent orders (such as the applicable rate of interest) when a party places on record the actual factual history (here, prior orders showing funds were parked in interest-bearing fixed deposits) showing the original terms did not reflect the full picture.

Official source (sci.gov.in)View Judgment (PDF)

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