In Brief
The State Trading Corporation of India sought to execute two settlement agreements against Global Steel Holding Limited and related entities for outstanding dues. The Delhi High Court dismissed the execution petition, holding it lacked jurisdiction as the judgment-debtors were not located within its jurisdiction. During the appeal, respondents substantially paid the principal amount. The Supreme Court, invoking its extraordinary powers, settled the remaining dispute by directing payment of interest at 8% per annum on the principal sum from 10 November 2012, amounting to Rs 600 crores, to be paid within 12 weeks, giving final closure to the long-pending litigation.
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