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2016 (11) TMI 1114 - HC - Money LaunderingRefund claim - interest on delayed payment - Held that:- We are of the opinion that the sum of ₹ 10,00,000/- has been refunded to the petitioner during the pendency of this writ petition. The order passed by the Appellate Tribunal clearly records at para 14 that no penalty could have been imposed on the Bank. The penalty imposed on the Bank has been set aside. Once that penalty has been set aside, then, if no further proceedings were initiated by the respondents, the amount paid by the petitioner's predecessor should have been refunded to the petitioner within a reasonable time. That was not refunded, forcing the petitioner to file a writ petition. Even if we do not agree with Mr. Patil that the employees were parties to the Bank's Appeal and therefore the direction of the Appellate Tribunal must enure to the benefit of these officers, still, we find that the Union of India took considerable time to refund the amount of ₹ 10,00,000/-. That should have been done within a reasonable time. To that extent, there is merit in the submission of Mr. Patil that if that amount was not refundable at all and on the grounds now urged, namely, unjust enrichment, then, there was no occasion for the respondents to have honoured the Tribunal's order after such a considerable delay. The fact that ₹ 10,00,000/- have been refunded and in terms of the submissions made in para 7 of the affidavit in reply, then, the defence of unjust enrichment and the principle in that behalf is not applicable, nor the same has been invoked by the respondents. The steps to refund the amount of ₹ 10,00,000/- in pursuance of the Tribunal's order passed as early as on 21-12-2010 having been taken belatedly and lawful and legitimate sum or demand was held back, that we are of the opinion that principles of equity, fairness and justice would be served if we direct the respondents to pay interest on this sum of ₹ 10,00,000/- at the rate of 8% p.a. from 1-3-2015 till actual payment/realisation. The amount of interest at such rate be computed and the same be released in favour of the petitioner as expeditiously as possible and within a period of six weeks from the date of receipt of a copy of this order
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