B K YADAV Vs. DISTINCT REALITY LTD

JUDGEMENT

(1.) HEARD. BY the order impugned the Forum below has dismissed complaint of appellant claiming compensation by way of interest @ 18% per annum, on the amount deposited by him with the respondent/builder towards cost of a plot.

(2.) ADMITTEDLY, the appellant/complainant has deposited a sum of Rs. 50,000 with the respondent/builder towards cost of a plot. Total cost of the plot was fixed at Rs. 1,50,000, which was required to be deposited in instalments. It appears that the respondent could not undertake the scheme, as it did not get the requisite permission from the concerning authorities. It is true that the appellant also did not stick to the schedule of payment as fixed between the parties, but the fact remains that the respondent was in no position to develop or deliver any plot to the appellant. Under the circumstance, notwithstanding any default on the part of appellant, the respondent/builder was liable to refund the amount with interest. Having regard to the facts that there was default on the part of respondent, we are of the considered view that the interest of justice of would be served by allowing interest on appellant's deposits @ 12 % per annum.

(3.) THE principal amount deposited by the appellant has already been refunded to him on 19. 2. 2005. We accordingly, direct the respondent to pay interest on the said amount to the appellant @ 12% per annum from the date of deposits till the date of said refund. We leave the parties to bear their own cost as incurred of both the Fora. Appeal disposed of.