- (1.) By this petition under Article 226/227 of the Constitution of India, the petitioner has challenged the order dated 05.03.2009, passed by the Appellate Rent Tribunal, Jaipur in Appeal No.61/2008 filed by the respondent-tenant-Bank against the order dated 10.04.2008, passed by the Rent Tribunal, Jaipur which had allowed the original application filed by the petitioner-landlord (hereinafter 'the landlord') while directing the respondent-HDFC Bank (hereinafter 'the tenant-Bank') to pay a sum of Rs.4,73,748/- to the landlord subsequent to the adjustment of Rs.85,875/- held by the landlord as security deposit from the Bank. The Appellate Rent Tribunal has set aside the order of the Rent Tribunal instead directed that the Bank was entitled to a refund of its security deposit of Rs.85,875/- from the landlord along with interest for the period from 17.08.2004 to 06.07.2006 aggregating to Rs.1,33,096/- and thereafter further interest on the principal sum of Rs.85,875/- at the rate of 24% per annum compounded quarterly pendente lite till the refund of the said security deposit.
(2.) The brief facts of the case are that the landlord let out the premises shop No.485 along with the basement in House No.340, situated at Vashistha Marg, Raja Park, Jaipur effective 13.10.2000 under a lease-deed executed on the same day for a period of nine years. Under clause 2(j) of the Indenture of Lease dated 13.10.2000, it was provided that on the expiry of the said period of the lease or any renewal thereof, the Lessee shall deliver the demised premises in such order and condition as is consistent with the terms, covenants and conditions on the part of the Lessee herein contained (save and except damage to the demised premises by fire unless the fire has occurred due to negligence of the Lessee), riots, earthquake, storm, war, civil commotion, acts of Gods and other conditions over which the Lessee shall have no control .
(3.) Under clause 6(b) of the Indenture of Lease aforesaid, it was provided that notwithstanding anything contained in the lease, the Lessee shall always be entitled without assigning any reason to terminate the lease at any time before the expire of the tenure of the lease or any renewal period (if any) thereof, by giving to the Lessor three month's prior notice in writing. Simultaneous to the Indenture of Lease dated 13.10.2000, the landlord and the tenant-Bank also entered into a deposit agreement on the same day i.e. 13.10.2000. In terms of clause 2 of the deposit agreement aforesaid, it was provided that the agreement shall remain in force upto the date on which the Lease Agreement or any renewal thereof expires by efflux of time or until the said Lease Agreement or its renewal is earlier determined or terminated as provided therein or comes to an end for any reason whatsoever. Clause 6 of the deposit agreement aforesaid provided that it was agreed between the parties that on the Lease Agreement coming to an end for any reason whatsoever as provided in the Lease Agreement dated 13.10.2000, the Lessor shall refund (without any deduction on any account and without interest) the said deposit to the Lessee simultaneously with the Lessee removing itself / its officers / employees using the leased premises from and vacating the leased premises and giving charge thereof to the Lessor (reasonable wear and tear, damages / loss to/ destruction of the leased premises by fire not caused by the willful neglect on the part of the Lessee, its officers / employees using the leased premises, civil commotion, riots, air attack, act of God and anything else beyond the control of the Lessee excepted) . Clause 8 of the deposit agreement which is material to the dispute agitated before the Tribunals below and before this Court reads as under : (8) In the event the Lessor does not refund the said deposit to the Lessee in full at the time of the said Lease Agreement or any renewal thereof comes to an end, as aforesaid, then the consequences mentioned in para nos.(i) to (iii) hereunder shall follow : (i) The Lessee shall (without prejudice to its rights and remedies in law), not be obliged or bound to vacate and give charge of the leased premises to the Lessor and the Lessee shall be entitled to use or permit the leased premises to be used by any person of its choice without being liable to pay any rent, outgoings or damages to the Lessor until such time as the Lessor does not refund to the Lessee the said deposit in full ; and (ii) In addition, the Lessor shall be liable to pay to the Lessee interest @ 24% p.a. Compounded quarterly, on the said deposit from the date of termination or expiry of the said Lease Agreement or any renewal thereof till the date of refund of the said deposit by the Lessor to the Lessee; and (iii) In the event the Lessor is unable to return the deposit as aforesaid for a period of 30 days from the date it becomes due, the Lessee shall be liberty to further sub-let the leased premises for period of not less than 12 months at a time on such terms and conditions as the Lessee may in its absolute discretion may deem fit.;