LAW FOR ALL

Payment of interest on the refund of amount after cancellation of auction sale -Apex court held that But for the reasons mentioned by the High Court the sale has been cancelled. It has been ordered to refund amount in favour of the auction purchaser-appellant(s). We find no reason as to why on equitable grounds the appellants should not get interest on the said amount. Taking into consideration the aforesaid factor while working out equities, it would, therefore, be appropriate to direct the State to pay interest at the rate of 6% on the amount to be refunded as per the High Court’s order with effect from 27th April, 2001 and 3rd September, 2001, the day, the High Court passed the impugned order. The concerned respondents are directed accordingly.= STATE OF U.P. & ORS. … APPELLANTS VERSUS M/S. JASWANT SUGAR MILLS LTD. & ORS.ETC. … RESPONDENTS = 2014 – June. Part -http://judis.nic.in/supremecourt/filename=41730