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Judgment
Heard counsel for the parties.
Ravi Arora, Raj Pal Arora and Yashpal Arora have filed the above complaint for directing the opposite party to (i) refund Rs.7331205/- with interest @ 24% per annum compounded yearly, (ii) pay Rs.2114136/- towards the interest paid by the complainants on the loan amount, (iii) pay Rs.55000/- per month towards the rent paid by the complainants, (iv) pay Rs.605000/- spent on rent during January 2017 to November 2017, (v) pay Rs.2000000/- as exemplary damages, (vi) grant cost of litigation and (vii) any other relief which is deemed fit and proper in the facts and circumstances of the case.
The counsel for the opposite party, on instructions, states that the opposite party is willing to refund the entire principal amount along with interest @ 9% per annum, in four equal monthly instalments.
Counsel for the complainants however, argues that apart from refund with interest @ 9% per annum, other compensation claimed in the complaint is also liable to be awarded. However, Supreme Court, in the case of DLF Homes Panchkula Pvt. Ltd. Vs. D.S. Dhanda, II (2019) CPJ 117, has held that multiple compensation cannot be awarded. Later on, a larger Bench of the Supreme Court in Experion Developers Pvt. Ltd. Vs. Sushama Ashok Shiroor, 2022 SCC OnLine SC 416, has held that 9% interest is just compensation which is both restitutory and compensatory.
In the light of the judgment of the Supreme Court as well as admission of the opposite party, the complaint is partly allowed and the opposite party is directed to pay the entire amount deposited by the complainants with interest @9% per annum from the date of respective deposit till the date of refund, in four equal monthly instalments and the first monthly instalment shall be paid upto 10th July and later instalments be paid regularly after one month of previous instalment.