(1.) Pension and gratuity are no longer any bounty to be disbursed by the Government to its employees on their retirement but have become, under the decisions of this Court, valuable rights and property in their hands and any culpable delay in settlement and disbursement thereof must be visited with the penalty of payment of interest at the current market rate till actual payment.
(2.) The aforesaid mandate of the Supreme Court rendered in the matter of State of Kerala and others Vs. M. Padmanabhan Nair (1985) 1 SCC 429 aptly and squarely applies to the factual matrix of the present case in which the appellant herein / petitioner has been denied the statutory interest payable on gratuity as incorporated and mandated by sub-section (3-A) of Sec. 7 of the Payment of Gratuity Act, 1972 (for short, 'the Act of 1972') on wholly untenable ground.
(3.) The essential facts shorn of all paraphernalia to judge the correctness of the plea raised at the Bar are as under:-