In Brief
An employee of the State Bank of India challenged the Bank's refusal to pay interest on delayed implementation of an arbitration award made in 2005. The award remained fully implemented only after six years, but contained no direction for interest payment. The Supreme Court, exercising its discretionary power under Article 142 of the Constitution, directed the Bank to pay a settlement sum of Rs. 2 lakhs as full and final settlement of all the employee's claims, considering it was in the interest of both parties to purchase peace. The Court clarified this judgment would not constitute a binding precedent.
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