The main legal point established is that in commercial transactions, where there is no express bar on interest and no agreement for interest payment, the court may award interest based on Section 34 of the Code of Civil Procedure and legal principles.

JUDGMENT

(Prayer: Civil Suit is filed under order IV Rule 1 O.S. Rules read with order VII Rule 1 of CPC, praying to,

(a) Directing the defendant to pay the plaintiff a sum of Rs.48,12,942/-(Rupees Forty Eight Lakhs Twelve Thousand Nine Hundred Forty Two Only) towards payment of outstanding invoices along with further interet on the sum of Rs.30,55,836/- (Rupees Thirty Lakhs Fifty Five Thousand Eight Hundred And Thirty Six Only) at the rate of 24 percent p.a from date of plaint till the date of payment in full.

(b) Directing the defendant to pay the plaintiff a sum of Rs.68,00,580/- (Rupees Sixty Eight Lakhs Five Hundred And Eighty Only) towards reimbursement of demurrage and detention charges incurred by the plaintiff along with further interest on the sum of Rs.56,67,150/- (Rupees Fifty Six Lakhs Sixty Seven Thousand One Hundred and Fifty Only) at the rate of 24% per annum from the date of plaint till the date of payment in full;

(c) for entire costs of the suit; and pass such further or other reliefs as this Hon''ble Court may deem fit and necessary in the circumstances of the case and thus render justice.)

1. The present suit has been filed by the plaintiff seeking; (i) a sum of Rs.48,12,942/-(Rupees Forty Eight Lakhs Twelve Thousand Nine Hundred Forty Two Only) from the respondent towards payment of outstanding invoices along with further interest on the sum of Rs.30,55,836/- (Rupees Thirty Lakhs Fifty Five Thousand Eight Hundred And Thirty Six Only) at the rate of 24 percent p.a from date of plaint till the date of payment in full; (ii) a sum of Rs.68,00,580/- (Rupees Sixty Eight Lakhs Five Hundred And Eighty Only) towards reimbursement of demurrage and detention charges incurred by the plaintiff along with further interest on the sum of Rs.56,67,150/-(Rupees Fifty Six Lakhs Sixty Seven Thousand One Hundred and Fifty Only) at the rate of 24% per annum from the date of plaint till the date of payment in full; and for entire costs of the suit.

Plaintiff''s case:-

2. The plaintiff which is a company registered under the laws of Italy and having its registered office at via Cozza Pilon 10/B, 36070, Castelgomberto (VI), Italy has instituted the above suit seeking recovery of a sum of Rs.48.12.942/- being the outstanding amounts due under the invoices together with interest on a sum of Rs.30,55,836/- at the rate of 24% per annum from the date of the plaint till the date of payment in full and directing the defendant to pay the plaintiff a sum of Rs.68,00,580/- towards reimbursement of demurrage and detention charges incurred along with further interest on a sum of Rs.56,67,150/- together with interest at 24% from the date of the plaint till the date of payment in full.

2.1. The plaintiff would submit that they are a reputed exporter of leather cuttings and leather stock products which are greatly preferred by the automotive industries, premium shoe factories and niche clothing etc. They have an experience of 40 years in this Sector. The plaintiff has earned a reputation for their quality and timely delivery of products which includes able warehouse management and efficient after-sales service.

2.2. The plaintiff has had a long-term business association with the defendant who is also engaged in the same business. In the year 2017, the defendant had approached the plaintiff for importing various quantities of finished leather cuttings of different sizes and colours and taking into account their long-term association the plaintiff had agreed to export the consignments through various containers from Italy to Chennai. The following are the supplies effected by the plaintiff to the defendant:-