1.       This appeal has been filed under section 19 of the Act 1986 in challenge to the Order dated 26.03.2019 of the State Commission in complaint no. 289 of 2017.

2.       Heard the learned counsel for the appellant (the ‘builder co.’) and the learned counsel for the respondent (the ‘complainant’). Perused the record.

3.       The State Commission has ordered the builder co. to refund a sum of Rs.56,03,804/- to the complainant with interest at the rate of 12% per annum, with the stipulation that if the payment is not made within three months the rate of interest shall stand enhanced to 18% per annum for the defaulting period. It has also awarded Rs.2,00,000/- as lumpsum compensation and Rs. 21,000/- as cost of litigation.

4.       In proceedings before this Commission on 03.09.2019, learned counsel for the builder co. had submitted on instructions that it was ready and willing to refund the entire principal amount of Rs. 56,03,804/- and pay the cost of litigation of Rs. 21,000/- to the complainant within eight weeks from that date (i.e. from 03.09.2019). Notice on the appeal was issued after the submission was made. Stay on the operation of the impugned Order of the State Commission in so far as it related to payment of interest and lumpsum compensation was made contingent to the said amounts of Rs. 56,03,804/-being refunded and Rs. 21,000/- being paid within the assured period of eight weeks.

5.       Learned counsel for the complainant submits on instructions that only Rs. 30,00,000/-, out of the total principal amount of Rs. 56,03,804/-, has been refunded by the builder co. to the complainant.

Learned counsel for the builder co. admits on instructions that only Rs. 30,00,000/- has been refunded by the builder co. He further submits that the builder co. does not wish to pursue its appeal any more and will comply with the award of the State Commission in its entirety within three months from today. He however requests that the stipulation of enhanced interest at the rate of 18% per annum after expiry of three months of the State Commission’s Order may be waived. The submission is that the builder co. will refund the principal amount of Rs. 56,03,804/- with interest at the rate of 12% per annum, after adjusting therein the amount of Rs. 30,00,000/- already refunded, and will pay the lumpsum compensation of Rs. 2,00,000/- and the cost of Rs. 21,000/- within three months from today.

Learned counsel for the complainant submits that the complainant is agreeable to the stipulation regarding enhanced interest at the rate of 18% per annum being waived. He however further submits that in case even now the remaining principal amount along with interest at the rate of 12% per annum is not refunded in its entirety within three months from today then the balance outstanding at the expiry of the said period may carry interest at the rate of 18% per annum for the defaulting period.

Learned counsel for the builder co. agrees to the afore. He also requests that the decision in this case may not be treated as a precedent.

6.       In the wake of the above submissions, nothing further remains to be adjudicated in this appeal and the appeal is disposed of with the directions that the principal amount of Rs. 56,03,804/- shall be refunded by the builder co. with interest at the rate of 12% per annum, after adjusting therein the amount of Rs. 30,00,000/- already refunded, and the lumpsum compensation of Rs. 2,00,000/- and the cost of Rs. 21,000/- shall be paid by the builder co. within three months from today. In case the principal amount along with the agreed rate of interest of 12% per annum is not refunded in its entirety within three months from today the balance outstanding at the expiry of the said period shall carry interest at the rate of 18% per annum for the defaulting period.

This Order has been made on consent. As such the decision in this case shall not be treated as a precedent.  

7.       The Registry is requested to send a copy each of this Order to the parties in the appeal and to their learned counsel as well as to the State Commission immediately. The stenographer is also requested to upload this Order on the website of this Commission immediately.