PARITOSH JAIN Vs. JAIPRAKASH ASSOCIATE LTD.

JUDGEMENT

(1.) This Execution Application under Ss. 71 and 72 of the Consumer Protection Act, 2019, seeks the execution of the judgment of this Commission dtd. 12/8/2021 in CC no. 760 of 2021 as required by the Review Application no.68 of 2021 dtd. 27/9/2021. Vide order in CC no. 760 of 2021 dtd. 12/8/2021 this Commission had directed that the Opposite Party (Judgment Debtor) to refund the principal amount of Rs.1,43,94,999.00 with interest @ 12% per annum from the respective dates of deposit till the date of realization with cost of Rs.25,000.00 within four weeks of receipt of the order failing which to refund the amount with interest @ 14% per annum for the same period in terms of the judgment of this Commission in Anish Singhal vs Jaiprakash Associates Ltd., in CC no.2194 of 2016 dtd. 1/10/2019. This order was challenged by the opposite party in Civil Appeal nos. 7012"7013 of 2021 before the Hon'ble Supreme Court which was disposed of vide order dtd. 13/12/2021 as under:

(2.) The Judgment Debtor therefore, contended that in terms of the order of the Hon'ble Supreme Court, the applicable rate of interest in the order under execution in CC no. 760 of 2021 would be 9%. The Decree Holder has, however, contended that the rate of interest awarded by this Commission @ 12% only had been reduced to 9% and that directions to pay 14% interest for the default in not making payment within four weeks of the receipt of the order would continue stand as ordered.

(3.) After hearing both the parties, the Registry of this Commission was directed to calculate the amount payable which was done vide report of the Registrar dtd. 5/2/2023 as per which the interest was calculated @ 9% in terms of the judgment of the Hon'ble Supreme Court and the balance amount of Rs.10,43,461.00 including the principal, interest and cost was calculated as payable to the Decree Holder as on that date.