AI Structured Summary
Not yet generated for this judgment
Judgment
This revision petition has been filed under Section 21(b) of the Act 1986 in challenge to the Order dated 30.03.2011 of the State Commission in appeal no. 1806 of 2008 arising out of the Order dated 26.06.2008 of the District Commission in complaint no. 770 of 2007.
The District Commission had allowed the complaint and awarded the following relief:
The complaint of the complainant is admitted. Defendant No. 2 is ordered to make payment to the complainant of 50 shares at the rate of Rs.3295/- per share with interest thereupon at the rate of 12% per annum and a compensation of Rs. 5000/- for physical, mental agony and for financial loss and litigation cost of Rs.2000/- within a period of one month. In case the defendant fails to make the payment within the said period of one month then the defendant shall be liable to make payment at the rate of 18% interest on the entire amount.
Aggrieved, the opposite parties (the petitioners herein) preferred appeal before the State Commission which vide its impugned Order dated 30.03.2011 dismissed the same and upheld the Order of the District Commission.
The District Commission has ordered that its award shall be satisfied within one month and if the opposite parties fail to make good the award within the stipulated period of one month they shall be liable to pay interest at the rate of 18% per annum for the period of delay beyond one month.
The learned counsel for the petitioners and the learned counsel for the respondent jointly inform the bench, on respective instructions, that the matter has been settled between the parties and the petitioners are ready to make good the award made by the District Commission in its entirety with the only modification that for the period of delay beyond the stipulated period of one month the petitioners shall pay interest at the rate of 16% per annum in place of 18% per annum. Learned counsel for the petitioners also undertakes, on instructions, that the payment in its entirety shall be made positively within five weeks.
In the wake of the aforesaid joint submissions made at the bar the matter stands so disposed with the following directions:
(a) The petitioners shall comply with the award made by the District Commission in its entirety with the only modification that for the period of delay beyond the stipulated period of one month the petitioners shall pay interest at the rate of 16% per annum instead of 18% per annum.
(b) The payment in its entirety shall be made by the petitioners within a period of five weeks without fail.
Since the matter is being disposed of on the consent of the parties, it shall not be treated as a precedent.
The Registry is requested to send a copy each of this Order to the parties in the petition and to their learned counsel immediately. The stenographer is also requested to upload this Order on the website of this Commission immediately.