Pragati Builders & Promoters vs M/S Ram Murty Pyara Lal & Ors.Etc.

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

JUDGMENT

ANIL R. DAVE, J.

1. Leave granted.

2. Application for substitution is allowed.

Signature Not Verified

3. Heard the learned counsel for the parties and perused the Digitally signed by USHA RANI BHARDWAJ Date: 2016.05.05 17:03:54 IST

impugned judgment.

Reason:

2

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 3

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. 4

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.

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ITEM NO.18 COURT NO.2 SECTION XIV

S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS

Petition for Special Leave to Appeal (C) Nos.23923-23924/2012

(Arising out of impugned final judgment and order dated 03/07/2012 in WP No. 4441/2011 and WP No. 4954/2011 passed by the High Court of Delhi at New Delhi)

PRAGATI BUILDERS & PROMOTERS & ORS. Petitioner(s)

VERSUS

M/S RAM MURTY PYARA LAL & ORS.ETC. Respondent(s)

(With appln.for substitution for bringing on record the Lrs of deceased petitioner and interim relief and office report) (FOR FINAL DISPOSAL) AND (C.A.NO.2611-2612/2012)

Date : 12/04/2016 These petitions were called on for hearing today.

CORAM :

HON'BLE MR. JUSTICE ANIL R. DAVE HON'BLE MR. JUSTICE ADARSH KUMAR GOEL

For Petitioner(s) Mr. C. S. N. Mohan Rao,Adv.

Mr. Lokesh Kumar Sharma, Adv.

For Respondent(s) Mr. Dhruv Mehta, Sr.Adv.

Mr. Rohit K. Nagpal, Adv. Mr. Puneet, Adv.

Mr. Narender Singh, Adv. Dr. S. K. Verma,Adv.

Md. Shahid Anwar,Adv.

Mr. Debasis Misra,Adv.

Mr. Jaswinder Singh, Adv. Mr. Niraj Jha, Adv.

Mr. Nikilesh Ramachandran,Adv.

6 UPON hearing the counsel the Court made the following O R D E R

Substitution allowed.

Leave granted.

The appeals are disposed of with no order as to costs.

C.A.Nos.2611-2612 of 2012:

In view of the disposal of the appeals arising out of SLP(C) Nos.23923-23924/2012, these appeals have become infructuous and the same are also disposed of as infructuous.

(USHA BHARDWAJ) (SNEH BALA MEHRA) AR-CUM-PS ASSISTNT REGISTRAR

Signed non-reportable judgment is placed on the file.