BEFORE:

HON’BLE MR SUBHASH CHANDRA                 PRESIDING MEMBER

For the Complainant                 Mr Katik Yadav, Advocate (through VC)

For the Opposite Party               Mr. S.K. Gupta, Advocate and Mr. Manish

    Gupta, Advocate (VC)

ORDER

MA No. 222 of 2024 (for modification of order)

1.      This Application has been filed against the order dated 08.08.2023 passed in CC No. 1684 of 2017. This application seeks modification/clarification of the order dated 08.08.2023 in CC No. 1684 of 2017.

2.     The MA has been filed prayed to:

(i)     Modify the order dated 08.08.2023 passed by this Hon’ble Commission in respect of the rate of interest to be paid from the respective dates of deposits; and/ or

(ii)    Pass any other order(s) which this Hon’ble Court may deem fit and proper under the facts and circumstances of this case.

3.     I have gone through the review application. The impugned order reads as under:

(i)    opposite party shall refund the entire amount deposited by the complainant with simple interest @ 9% per annum;

(ii)    opposite party shall pay litigation costs of Rs.50,000/- to the complainant; and

(iii)    this order shall be complied within two months failing which penal interest of 12% shall be paid till the date of realization.

4.     The Hon’ble Supreme Court has laid down in Experion Developers Pvt. Ltd. Vs. Sushma Ashok Shiroor, in Civil Appeal No. 6044 of 2019 decided on 07.04.2022 that for the interest payable on the amount deposited to be restitutionary and also compensatory, interest has to be paid from the date of the deposit of the amount. The order impugned has granted interest from the date of last deposit. We find that this does not amount to restitution.

5.      In light of the aforementioned facts, there is an error apparent on the face of record which need to be modified. Accordingly, the miscellaneous application stands allowed with the following directions.

(i)     Opposite party shall refund the entire amount deposited by the complainant with simple interest @ 9% per annum from the date of deposit of amount.

(ii)    The opposite party shall pay litigation costs of Rs.50,000/- to the complainant.

(iii)    This order shall be complied within two months failing which interest of 12% shall be paid till the date of realisation.