Competition Act, 2002 – Monopolies and Restrictive Trade Practices
Act, 1969 – Code of Civil Procedure, 1908 – Payment of interest on
instalments towards allotment of a flat under construction which was
ultimately cancelled – Competition Appellate Tribunal (“COMPAT”)
held that complainant eligible for interest of 15% p.a. from 1st May
2005 (when allotment was cancelled) to 7th May 2016 (when pay order
was revalidated and cumulative instalment amount was credited to
the account of the complainant) – Builder argued that complainant
had filed ‘original’ pay order (issued in 2005) before the COMPAT,
and not intimated builder, hence amount was deducted from builder’s
account in 2005 itself, and never credited back – Impleaded Citibank
averred that this contention was correct, and submitted that the
amount was credited to the ‘Unclaimed Sundry Amount’ as instructed
by Reserve Bank of India, where it remained for the eleven years in
question – Builder thus contended that it had discharged its liability
under Order XXI of the CPC.