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2013 (9) TMI 774 - PUNJAB & HARYANA HIGH COURTRefund Claim - Return of remaining amount of sale proceeds - Entitlement to Interest - Whether the petitioner was entitled to interest on the amount and if so at what rate – Held that:- The excuse being made of the interim order acting as an impediment cannot be accepted for the reason that it restrained respondent from taking further proceedings which would imply that it could not have concluded the transaction, but nothing prevented it from cancelling the transaction and refunding the money to the petitioner having then found out that the property was under a cloud on account of prior mortgage and having made an assertion in the sale proclamation to the contrary – the petitioner was entitled to interest at least from the expiry 15 days of the notice by the petitioner to respondent calling upon respondent to either get the property cleared or refund the entire amount - Taking into consideration the prevailing rate of interest at the relevant time 12% per annum simple interest on the amount was granted – Decided in favour of Petitioner.
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