MEERUT DEVELOPMENT AUTHORITY (MDA) Vs. DHARAMPAL TYAGI

JUDGEMENT

(1.) Learned counsel for the petitioner has filed I.A. No. 11685/2018 requesting modification in the order dated 12.10.2017 of this Commission, wherein the petitioner was directed to comply with the order of the District Forum as per his understanding of the order. It has been requested in the said IA that petitioner is ready to deposit the money with this Commission, but would not like to pay to the complainant. The petitioner is basically aggrieved by the order of the District Forum directing him to pay the interest @15% per annum to the complainant on the amount paid by him. He further clarifies that amount was first deposited in the year 1993. The petitioner has already paid Rs.39, 000/- by way of refund to the complainant in the year 2003. The learned counsel further states that the District Forum has awarded 15% per annum interest on the amount deposited which is quite high and unreasonable. He states that the petitioner is aggrieved by the high rate of interest ordered by the District Forum.

(2.) The question in the present revision petition relates to award of interest by the District Forum on the deposited amount. There is no doubt that the petitioner is liable to pay interest in the light of the decision of the Hon'ble Supreme Court in Alok Shanker Pandey Vs. Union of India & Ors., (2007) 2 CPJ 3 (SC), wherein the following has been observed:-

(3.) It is seen from the averments made by the learned counsel that amount deposited by the complainant is about Rs.39, 000/- and maximum period for which interest is required to be paid is only for ten years. This Commission has been ordering refund of deposited amount with interest @9-12% per annum depending on the facts of the case, therefore, maximum refund that the petitioner may get would be decrease of interest rate by 3-6% per annum for 10 years. This amount may not be more than Rs. 12000/- to Rs. 24000/- maximum. Obviously this amount of interest that was payable alongwith the refund of Rs. 39, 000/- in the year 2003, will also attract interest at the same rate as ordered by the District Forum. Looking at the paltry amount in view, this Commission is not inclined to admit this revision petition in the light of the judgment of Hon'ble Supreme Court in Gurgaon Gramin Bank Vs. Khazani & Anr., (2012) 4 CPJ 5 (SC), wherein the Apex Court has observed as under;