SUMAN RESORTS INDIA LTD. vs JASWANTLAL C.SHAH

Mr. Justice M.S.Rane, President

NONE is present on behalf of the appellants although being aware of today''s date of admission hearing of the appeal. This matter was moved before us for admission hearing on 16th April, 2003 by and on behalf of the appellants when we have proceeded to issue notice before admission to the respondent making it returnable today and accordingly matter is listed on today''s board. Respondent is present through his Advocate. However, appellants although being aware of today''s date of admission hearing are not present. As we notice that the consumer dispute is pending since 2001 initially before District Forum and thereafter before this Commission in this appeal, we proceed to dispose of the same on consideration of the material available in the appeal paper book and on hearing the learned Advocate for the respondent. (For brevity''s sake appellants are hereinafter referred to as ''O.Ps.'' and respondent as ''Complainant'')

O.Ps. are the appellants in this appeal who have taken exception to the order dated 30th May, 2002 passed by the District Forum holding the O.Ps. deficient in the matter of refund of moneys invested by the complainant for purchasing time shares issued by the O.Ps. As on the maturity date, the amount was not repaid, the complaint was filed.

IT is noticed that in response to the notice issued by the District Forum, O.Ps. appeared and by and large they conceded to the claim of the complainant. However, the claim of the complainant for interest @ 18% p.a. was objected. District Forum, which probed the claim of the complainant, on consideration of the rival assertions, found the merits in the grievances of the complainant and so holding has made the award in favour of the complainant.

BY and large, we find that the award made by the District Forum is fair, reasonable, needing no interference except on the point of rate of interest. District Forum has awarded interest on the principal amount at 18% p.a. which according to us appears to be on higher side. In our view, interest @ 12% p.a. will be fair and reasonable in the facts/situation as obtained in the matter herein, since we notice that the O.Ps. have regularly paid the debentures to the complainant. Hence, we modify the order impugned in this appeal accordingly. ORDER 1. Appeal is partially allowed to the extent as under : (i) Order of the District Forum for refund of Rs. 1 lakh to the complainant stands confirmed. (ii) Rate of interest as provided in operative clause No. 3 thereof at 18% p.a. stands reduced to 12% p.a. (iii) Rest part of the order stands confirmed. (iv) We are granting 6 weeks time to the O.Ps. for compliance of the order of the District Forum as modified by us on receipt of copy thereof. 2. Copies to be furnished to the parties.

Appeal partly allowed.