9911796707
TMI Blog2020 (6) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders which have been passed by this Court in other cases, and having due regard to market conditions we scale down the interest to nine per cent per annum. The Court has been apprised that in execution of the order of the NCDRC, four bank accounts of the builder have been attached - the direction of the NCDRC restraining the builder from deducting tax at source to be vacated - appeal disposed off. - HON'BLE DR. JUSTICE D.Y. CHANDRACHUD, HON'BLE MR. JUSTICE HEMANT GUPTA AND HON'BLE MR. JUSTICE AJAY RASTOGI For the Petitioner : Mr. Gaurav Mitra, Adv., Mr. Yudhist Narain Singh, Adv., Mr. Tanvir Nayar, AOR. For the Respondent : Mr. Shyam Divan, Sr. Adv., Mr. Amol Chitale, Adv., Ms. Sugandha Yadav, Adv., Mrs. Pragya Baghel, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the terms of a subvention scheme. it has been urged that on 29 March 2015, an amount of Rs 29,79,103 was disbursed through HDFC Limited to the appellant while on 12 August 2016, an amount of Rs 2,53,549 was disbursed. Under the terms of the tripartite agreement, interest was paid by the builder to HDFC Limited over the first two years of the agreement. Mr Mitra submitted that the obligation to refund the principal sum must be to the exclusion of the above two amounts since the builder has under the terms of the subvention scheme paid the amount over to HDFC Limited. The second submission is that the interest which has now become payable at the rate of fourteen per cent per annum should be scaled down having regard to market conditions and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the interest to nine per cent per annum. 8 The Court has been apprised that in execution of the order of the NCDRC, four bank accounts of the builder have been attached. Mr Gaurav Mitra, learned counsel has undertaken on behalf of the appellant that the entire amount computed on the above basis, as directed by this Court, shall be paid over to the respondents within two weeks from today. Immediately after the payment of the aforesaid amount, the attachment which has been levied by the NCDRC in the course of the execution proceedings shall stand lifted. We, however, vacate the direction of the NCDRC restraining the builder from deducting tax at source, which shall be in accordance with law. 9 The appeal is disposed of in the above terms. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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