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2016 (10) TMI 369 - SUPREME COURTSettlement of arrears under the 'Samadhan Scheme' - delay in refund - prayer for grant of interest - Held that:- The amount was deposited by the appellant way back in the year 2008 who had purchased the property in auction. This auction has been held to be illegal as proper procedure was not followed. That was not the fault of the appellant. The appellant's money got stuck for all these years. When he was denied the benefit of the auction purchase despite being the highest bidder on the procedural grounds which resulted in refund of the money deposited by him, he should have been granted interest thereupon. In the interest of justice, we deem it proper that Simple Interest at the rate of 9 per cent be awarded to the appellant from the date of deposit till the date of release of this amount which shall be payable by the Respondent No.2 viz., the Joint Commissioner, Commercial Tax (FAC), Madurai. The interest shall be calculated and paid within a period of three months. We make it clear that, in case, the property is to be ultimately sold for realising the dues payable to respondent No.2, the respondent No.2 shall be entitled to recover the aforesaid interest as well which would be paid to the appellant.
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