In Brief
P. James Karunakaran, an employee of State Bank of India, sought interest on arrears arising from a 2005 arbitration award that the Bank delayed implementing for six years. The Bank contended no interest was payable as the award contained no interest provision. The Supreme Court, invoking Article 142 of the Constitution, exercised its special jurisdiction to award Rs. 2 lacs as full and final settlement to purchase peace between the parties. The Court clarified that such judgments passed under Article 142 do not serve as precedents.
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