Home Case Index All Cases Indian Laws Indian Laws + SC Indian Laws - 2005 (8) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (8) TMI 719 - SC - Indian LawsSeeking waiver of claim of interest over the arrears which remain unpaid - stay granted by the Court - Application for temporary injunction u/s 12-A - HELD THAT:- In view of the judgments in Style (Dress Land) vs. Union Territory [1999 (8) TMI 969 - SUPREME COURT], Kanoria Chemicals & Industries Ltd. vs. U.P. State Electricity Board [1997 (3) TMI 600 - SUPREME COURT], we need not dilate on the subject any more and respectfully following the dictum in these judgments, set aside the part of the order reproduced in the earlier part of this order and the appellants shall be entitled to charge interest for the period during which stay granted by the Commission was in operation. Although the amount of interest in brochure is stated to be 20% which is unconscionable in the facts and circumstances of the case, we reduce the same to15% per annum. The appellants shall be entitled to charge interest on the amount due for the period during which stay remained in operation at the rate of 15% per annum. In case the possession of the house has not been handed over to the respondent, then the appellants shall handover the possession of the house on payment of the principal amount, if any, not already paid along with interest for the period during which the stay granted by the Commission was in operation. Appeals are partly allowed with no order as to costs.
|