M/S. WAVE MEGA CITY CENTRE PVT. LTD. vs R.L INVESTMENT & FINANCE CO. LTD.

Judicial Analysis Court Copy Headnote Facts Arguments Court observation


NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NEW DELHI


FIRST APPEAL NO. 558 OF 2020

(Against the Order dated 20/03/2020 in Complaint No. 540/2017 of the State Commission Uttar Pradesh)

1. M/S. WAVE MEGA CITY CENTRE PVT. LTD.
THROUGH AUTHORISED SIGNATORY, REGD. OFFICE AT: MEZZANINE FLOOR, M-4, SOUTH EXTENSION PART-*II,
NEW DELHI-110049

...........Appellant(s)

Versus

1. R.L INVESTMENT & FINANCE CO. LTD.
THROUGH ITS AUTHORISED SIGNATORY, MR. PRAHLAD, REGISTERED OFFICE AT: 61/211, CANAL ROAD, KANPUR,
UTTAR PRADESH-208001

...........Respondent(s)

BEFORE:
	HON'BLE MR. C. VISWANATH,PRESIDING MEMBER

For the Appellant :

For Wave Mega City Centre Mr Sumeer Sodhi, Advocate with
Ms Shreya Nair, Advocate

For the Respondent :

R L Investment & Finance
Co. Ltd., Mr Pawan Kumar Ray, Advocate

Dated : 23 Dec 2020

ORDER

Learned counsels for the parties state on instructions that 8% simple interest per annum on the principal amount would be reasonable and acceptable to them. With the consent of both parties, the rate of interest is reduced to 8% simple interest per annum from 10% and 18% per annum recorded in the order of the State Commission. The order dated 20.03.2020 of the State Commission in CC 539 and 540 of 2017 stands modified to that extent.

A joint petition be filed by both counsels indicating the amount due to the respondent/ complainant as ordered. The amount due to the complainant will be released to the complainant by the Registry and balance, if any, be refunded to the appellant/ opposite party. In case, the amount available with the NCDRC is short of the amount due to the respondent/ complainant, the entire amount will be released to the complainant and the balance due to the complainant be made good by the appellant/ opposite party.

This order be complied within a period of two months.

FA nos. 557 and 558 of 2020 are disposed of in terms of the above order.


......................
C. VISWANATH
PRESIDING MEMBER

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