DLF HOMES PANCHKULA PVT. LTD. Vs. HIMANSHU ARORA

JUDGEMENT

(1.) Leave granted.

(2.) In appeal, the NCDRC reduced the rate of interest from 12 per cent to 9 per cent.

(3.) The grievance of the appellants is that while reducing the rate of interest, the NCDRC extended the period over which interest is liable to be paid. As a result, the liability in monetary terms under the impugned order of NCDRC is stated to be higher than under the directions of the SCDRC, despite the reduction in the rate of interest. The SCDRC, in the submission of the appellants, distinguished between those flat buyers who were seeking possession and those who were seeking a refund of monies. For those who were seeking possession, interest was made payable by the SCDRC from the anticipated date of possession, whereas the NCDRC, according to the appellants, has obliterated the distinction between those who sought possession and those who were seeking refund of their monies.