PUNJAB NATIONAL BANK Vs. HARISH CHANDRA DHUPAR

JUDGEMENT

(1.) PRESENT Letters Patent Appeal being LPA No. 597/2008 has been filed challenging the judgment dated 09th July, 2008 whereby learned Single judge has partly allowed the respondent's writ petition after holding that regulation 29 (5) of the PNB (Employees) Pension Regulations, 1995 (hereinafter referred to as "regulations 1995") would apply. Learned single Judge has also directed the appellant-bank to pay arrears of pension to respondent within two months with interest @8% per annum from the due date till the date of payment and in case the aforesaid payment was not made within the stipulated period, the appellant-bank was directed to pay interest @10% per annum after a period of two months.

(2.) BRIEFLY stated the material facts of this case are that the appellant-bank had introduced PNB Employees Voluntary Retirement Scheme, 2000, (hereinafter referred to as "scheme 2000") which was a non-statutory scheme. Pension under the said Scheme 2000 was to be calculated in accordance with Regulations 1995. While Regulation 28 of the Regulations 1995 dealt with superannuation pension, Regulation 29 dealt with pension on voluntary retirement. Regulation 28 and relevant portion of Regulation 29 of the Regulations, 1995, are reproduced hereinbelow:

(3.) ON 02nd November, 2000, respondent filed an application for voluntary Retirement under Scheme 2000. On 15th December, 2000, the appellant-bank accepted respondent's application and he was relieved from duties on 16th December, 2000.