In Brief
State Trading Corporation of India (STC), a government corporation, entered into settlement agreements with Global Steel Holding Limited and Global Steel Philippines Inc. to settle disputes over unpaid dues of approximately Rs. 1610 crores. The Delhi High Court dismissed STC's execution petition on jurisdictional grounds, as the respondents were located outside India. The Supreme Court affirmed the High Court's jurisdictional view but exercised its extraordinary constitutional powers under Articles 136 and 142 to resolve the dispute finally. It determined interest at 8% per annum on the principal amount from 10.11.2012, directed the respondents to pay Rs. 600 crores as interest (in addition to Rs. 800 crores already deposited), and gave complete closure to all proceedings between the parties.
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