DR. MANJEET KAUR MONGA (DEAD) THR. HER LEGAL HEIRS KARAN VIR SINGH MONGA versus K. L. SUNEJA & ORS.

DR. MANJEET KAUR MONGA (DEAD) THR. HER LEGAL HEIRS KARAN VIR SINGH MONGA versus K. L. SUNEJA & ORS.

Compensation as envisaged by Section 12B is the amount calculated at 15% compound interest on installments deposited, up to the date of cancellation. For amounts after cancellation, liability may rest with the bank only if found appropriate by the Tribunal, and Citibank must be impleaded and allowed to present arguments.

Parties
Appellant: Dr. Manjeet Kaur Monga (Dead) Through Her Legal Heirs Karan Vir Singh Monga; Respondents: K. L. Suneja & Ors.; Additional Respondent: Citibank N.A.
Jurisdiction
India
Judgment Date
18 July 2017
Procedural Posture
Civil Appeal / Appeal Disposed, Remitted to Competition Appellate Tribunal
Outcome
appeal disposed, matter remitted to Competition Appellate Tribunal
Legal Topics
Compensation, Unfair Trade Practice, Restitution
Consumer Protection Competition Law Compensation Unfair Trade Practice Restitution

Case Brief

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Parties

Dr. Manjeet Kaur Monga (Dead) Through Her Legal Heirs Karan Vir Singh Monga

Appellant

K. L. Suneja & Ors.

Respondents

Citibank N.A.

Additional Respondent

Procedural Posture

Civil Appeal / Appeal Disposed, Remitted to Competition Appellate Tribunal

Legal Issues

  1. 1 Whether the cancellation of house allotment by the builder was arbitrary, illegal and capricious.
  2. 2 Whether compensation under Section 12B of the Monopolies and Restrictive Trade Practices Act, 1969 should include compound interest up to and after cancellation.
  3. 3 Whether Citibank is liable to pay any interest to the builder for the period the pay order was not encashed.

Ratio Decidendi

Compensation as envisaged by Section 12B is the amount calculated at 15% compound interest on installments deposited, up to the date of cancellation. For amounts after cancellation, liability may rest with the bank only if found appropriate by the Tribunal, and Citibank must be impleaded and allowed to present arguments.

Court Disposition

appeal disposed, matter remitted to Competition Appellate Tribunal

Orders

  • Citibank N.A. to be impleaded as additional respondent.
  • Builder to pay compensation worked @ 15% compound interest up to 30.04.2005.