SHIV SHAKTI BIO-PLANTEC LTD Vs. G NARSIMHULU

JUDGEMENT

(1.) Mr. K. Venkatesh Gupta has filed is Vakalat on behalf of the respondents, which is taken on record.

(2.) Heard learned counsel for the parties and perused the impugned order dated 02.06.2017 passed by the Telangana State Consumer Disputes Redressal Commission (in short, "the State Commission") Hyderabad whereby the Appeal preferred by the Petitioner herein had been dismissed and the order passed by the District Consumer Forum, Mehboob Nagar directing payment of amount of Rs.2,02,500.00 in CC/176/2012 alongwith interest @ 9% p.a. from the date of the Complaint till realization and Rs.1000.00 as cost has been confirmed. In other two Revision Petitions arising out of CC/177/2012 and CC/178/2012 the District Forum had granted the same relief.

(3.) This Commission vide order dated 5.6.2018 had issued notice confining to the rate of interest on the amount of compensation awarded by the Fora below. From the order of the District Forum as upheld by the State Commission, we find that rate of interest has been awarded @ 9% per annum from the date of the Complaint till the date payment is made. The Complaint was filed on 02.12.2012 but the transactions related to Feb., 2011. It is common knowledge and we cannot lose sight of the fact that in the year 2011 the Banks were giving interest on Fixed Deposit for a period more than three years @ 9% per annum and, therefore, the order passed by the District Forum awarding interest @ 9% p.a. cannot be said to suffer from any excessiveness. Even today, the Banks are giving interest on Fixed Deposit at the rate of 7 to 7.5% i.e. after a period of seven years from the date in question. We, therefore, uphold the order of the District Forum as upheld by the State Commission so far as awarding rate of interest is concerned.