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Judgment
Heard learned counsel for the appellant and the respondent.
Perused the record.
The operative paragraph no. 17 of the State Commission's impugned Order dated 13.12.2012 reads as below:
For the reasons, recorded above, the complaint must succeed, and the same is, accordingly, partly accepted with costs of Rs.10,000/- in the following terms:-
(i) The Opposite Party is directed to refund Rs. 23,30,000/- (Rs. twenty three lacs thirty thousand) deposited by the complainant, with interest @15% p.a. from the respective dates of deposits till realisation;
(ii) The Opposite Party is also directed to pay compensation, in the sum of Rs. One lac, for causing mental agony and physical harassment, to the complainant, by neither handing over possession of the showroom, by the committed date, nor refunding the amount;
(iii) The aforesaid directions shall be complied with by the Opposite Party within a period of 40 days, from the date of receipt of a copy of the order, failing which, it shall be liable to pay the amount mentioned in clause (i) above with interest @18% P.A. from the dates, indicated therein and interest @15% P.A. on the amount, mentioned in clause (ii) above, from the date of filing the complaint, besides payment of costs of Rs.10,000/-.
Learned counsel for the appellant submits that in (separate) execution proceedings an amount of Rs. 37.70 lakh was deposited by the appellant, out of which Rs. 25 lakh was withdrawn by the respondent unconditionally and the remaining 37.70 lakh (-) 25 lakh = Rs. 12.70 lakh was withdrawn by the respondent against bank guarantee / indemnity bond.
Learned counsel for the respondent and the respondent-in-person confirm.
That being so, the entire principal amount of Rs. 23.30 lakh has been unconditionally paid to the respondent and, against the liability towards compensation / interest / cost, an amount of 25 lakh (-) 23.30 = Rs. 1.70 lakh has been unconditionally paid and an amount of 37.70 lakh (-) 25 lakh = Rs. 12.70 lakh has been paid against bank guarantee / indemnity bond.
Learned counsel for both sides submit that, in the light of the afore, the only substantive question left in this appeal, as things obtain on date, is the question of just and equitable compensation / interest.
Learned counsel for both sides, after confabulate, and with learned counsel for the respondent on instructions of the respondent, submit that interest at the rate of 10% per annum from the dates of respective deposits till realisation would be just and equitable in the facts of the case.
Learned counsel for both sides further submit that the matter may be thus settled and closed.
Their submissions are recorded.
Based on the afore submissions, the award made in the operative paragraph no. 17 of the State Commission's Order is modified as below:
(i) The opposite party shall refund an amount of Rs. 23.30 lakh to the complainant, with interest @10% per annum from the respective dates of deposit till realisation;
If the amount so computed is in excess of Rs. 37.70 lakh, that is, the amount is in excess of the amount already withdrawn by / paid to the complainant, the excess amount, over and above Rs. 37.70 lakh, shall be paid by the opposite party to the complainant within 12 weeks from today. However, if the amount computed is less than Rs. 37.70 lakh, the excess shall not be recovered from the complainant and the Rs. 37.70 lakh already withdrawn by / paid to the complainant shall be treated as full and final settlement.
(ii) Cost of litigation of Rs. 10,000/- shall be paid by the opposite party to the complainant within 12 weeks from today.
This Order has been passed in the specific facts of the case, as obtaining on date, with the consent of both sides.
This shall not be precedent.
A copy each of this Order be sent by the Registry to the appellant and to the respondent within three days from today.