Summary
Compensation under Section 12B of the MRTP Act could be expressed as calculable compound interest rather than a precomputed lump sum. The builder’s obligation at 15% compound interest through 30 April 2005 was maintained. Post-cancellation compensation and the bank’s liability for money tied up in an uncashed pay order were remitted for decision after impleading Citibank.
Issues
- Whether compensation calculated as compound interest satisfied Section 12B.
- Whether additional compensation and bank interest were payable after cancellation of allotment.
Provisions considered
- Section 12B, Monopolies and Restrictive Trade Practices Act, 1969Permits determination of compensation for loss caused by the specified trade practices; an ascertainable interest formula can quantify that amount. (¶ 4–5)
Held
- Failure to state an already calculated liquidated sum did not invalidate the compensation. Computing the ordered 15% compound interest yielded the statutory amount. (¶ 5)
- The money was debited for the pay order in 2005, never received by the payee and recredited in 2016. Entitlement after cancellation and any bank liability had not been considered below, so those questions required hearing with Citibank joined. No bank-interest entitlement was finally declared. (¶ 6–11)
Result
Appeals disposed of without costs. Builder directed to pay compensation calculated at 15% compound interest up to 30 April 2005; later compensation and possible bank interest remitted to the Tribunal with Citibank impleaded and all relevant contentions open.