PRAGATI BUILDERS & PROMOTERS Vs M/S RAM MURTY PYARA LAL & ORS.ETC.
Bench: ANIL R. DAVE,ADARSH KUMAR GOEL
Case number: C.A. No.-004270-004271 / 2016
Diary number: 25204 / 2012
Advocates: C. S. N. MOHAN RAO Vs
MD. SHAHID ANWAR
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NON-REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NOS. 4270-4271 OF 2016 (Arising out of SLP(C) No.23923-23924/2012)
Pragati Builders & Promoters & Ors. … Appellant(s)
Versus
M/s Ram Murty Pyara Lal & Ors., etc. … Respondent(s)
WITH
CIVIL APPEAL NOS.2611-2612 OF 2012
J U D G M E N T
ANIL R. DAVE, J.
1. Leave granted.
2. Application for substitution is allowed.
3. Heard the learned counsel for the parties and perused the
impugned judgment.
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4. Looking at the facts of the case, in our opinion, the amount
of interest awarded by the High Court to the appellants is on
lower side. We, therefore, direct that instead of simple interest
at the rate of 6 per cent per annum, the appellants should be
paid simple interest at the rate of 15 per cent per annum from
the date on which the appellants had paid the amount for
purchase of the property in question to the respondent bank.
5. The respondent bank shall calculate the amount of interest
payable to the appellants at the rate of 15 per cent per annum
as on today and shall indicate the same to the appellants and
other respondents. The amount of interest so calculated shall be
paid to the appellants. The respondent bank has retained the
amount received from the appellants, the auction purchasers
and therefore, on the said amount, the bank is presumed to
have earned interest. We presume that the bank has earned
interest on the said amount, which is quantified at 2 per cent
above the bank rate prevailing at the relevant time. So, on the
said amount, interest calculated at the above rate shall be paid
by the bank and the balance amount of interest shall be
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recovered from the respondent-borrower so as to see that the
total amount of interest paid to the appellants comes to 15 per
cent per annum.
6. The bank shall calculate the amount of difference payable
by the respondent-borrower and convey the same to the
borrower and the borrower shall pay the said amount within
four months from today along with further amount of interest at
the differential rate payable by him till the date of payment of
the entire amount.
7. The bank shall pay the amount of interest at the rate of 15
per cent per annum to the appellants within two months from
today along with the amount of auction price paid by the
appellants and the appellants shall be paid interest till the date
on which they are paid the auction price and interest thereon.
8. Upon receipt of the auction price and interest thereon, the
appellants shall return all documents of title to the bank and the
bank shall return the same to the borrower when the borrower
pays his share of interest to the bank.
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9. Except the aforestated change in the rate of interest, we do
not modify the impugned judgment and if the amount of interest
is not paid by the borrower, the consequences which might have
been stated in the impugned judgment would follow.
10. The appeals stand disposed of as allowed in above terms
with no order as to costs.
CIVIL APPEAL NOS.2611-2612 OF 2012
11. Learned counsel submitted that in view of the disposal of
the above appeals, these appeals have become infructuous and
the same are dismissed as such.
…………………………J. (Anil R. Dave)
…………………………J. (Adarsh Kumar Goel)
New Delhi APRIL 12, 2016.