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Issues: Whether the appellant was entitled to a higher rate of interest on the refunded instalments and to interest on the unpaid interest amount arising from the respondent's delay in refunding the money.
Analysis: The appellant had paid the instalments as scheduled, while the respondent neither demanded the balance amount for years nor delivered possession of the flat. The delay in refunding the principal deprived the appellant of the use and return on his money. In such circumstances, the award of interest depended on the facts of the case, and the rate of interest granted by the Commission was not shown to be inappropriate. At the same time, since the principal amount itself had been retained without returning the interest along with it, equity required that the appellant also receive interest on the interest component for the relevant period.
Conclusion: The request for a higher rate of interest was rejected, but the appellant succeeded in obtaining interest on the interest amount at the same rate.
Final Conclusion: The order under appeal was modified by granting additional monetary relief in the form of interest on interest, while maintaining the rate of interest awarded on the refunded instalments.
Ratio Decidendi: Interest is an equitable accretion on money wrongfully retained, and where a refund is delayed, compensation may include both interest on the principal and, where justice so requires, interest on the withheld interest component.
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