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Judgment
The office has submitted report that appeal has been fled with delay of 19 days. The appellants have fled I.A. No. 276 of 2019 for condoning the delay in filing appeal. Cause shown is sufficient. Delay is condoned.
The above appeal has been filed against the Order of State Consumer Disputes Redressal Commission, Punjab dated 22.05.2018 passed in CC No. 1015 of 2017 whereby the complaint has been allowed and the appellants have been directed to refund Rs. 30 lakhs along with interest at the rate of 12% p.a. from the dates of respective deposit till the date of payment and Rs. 1 lakh as compensation for mental agony and harassment and Rs. 21,000/- as litigation cost.
3 The counsel for the appellants confines his arguments in respect of the interest awarded by the State Commission.
We have considered the arguments of the counsel for the parties. The Supreme Court in Experion Developers Pvt. Ltd. Vs. Sushma Ashok Shiroor, 2022 Live Law(SC)352, has held that interest @ 9% p.a. is just compensation.
In view of the judgement of the Supreme Court and in the facts of this matter we modify the Order of State Commission in respect of the interest only. The appellants shall pay interest at the rate of 9% p.a. It is stated that appellants have already paid Rs. 30 lakhs. The balance amount shall be paid within two months from today. The appeal is disposed of with above modification.