1. These two First Appeals have been filed under section 19 of Consumer Protection Act, 1986, against the order dated 12.04.2018 passed by the State Consumer Disputes Redressal Commission, Punjab, Chandigarh (hereinafter referred to as the ‘State Commission’), in Complaint Case No. 994 of 2017 and Complaint Case No. 993 of 2017. 2. The Appellants were complainants and Respondent was Opposite Party (OP) before the State Commission. Facts of the case are enumerated in the order of the State Commission, hence not repeated here. The only challenge with regard to the order of the State Commission is with respect to the rate of interest payable on the amount to be refunded by the Respondent to the Appellants. The State Commission in Para 24 of its order has ordered that in case the OP is unable to deliver possession of the plot, in question, to the complainant, then it shall refund the entire deposited amount along with interest at the rate of 12% per annum from the respective dates of deposit till realization. 3. The Appellants have filed these Appeals seeking interest @24% per annum compounded annually instead of interest @12% per annum. This was the only relief pressed during hearing on 09.05.2023. Respondents on the other hand stated that they fully accept the order of the State Commission and shall comply with it in toto. They further stated that the rate of interest granted is very reasonable and demand of the Appellants to increase it to 24% is highly unreasonable. 4. We tend to agree with the contentions of the Respondent. The rate of interest awarded by the State Commission on the refundable amount is very reasonable. No case has been made by the Appellants to increase it beyond 12%. We do not find any illegality or infirmity in the order of the State Commission. Appeals have no merit, are accordingly dismissed 5. The pending IAs in both the First Appeals, if any, also stand disposed off. |