Case Note & Summary
The dispute arose from the requisition of premises under the Requisitioning and Acquisition of Immovable Property Act, 1952, where the appellants sought interest on the compensation awarded by the Arbitrator. The appeal was confined to the question of entitlement to interest on the awarded amount. The Supreme Court reiterated established principles regarding compensation and interest, referencing several precedents. The court determined that the appellants were entitled to interest for the period from March 1975 to July 31, 1987, with specific rates of 6% per annum for the earlier period and 12% per annum for the latter. The court ordered the respondents to pay the amount within three months and allowed for any calculation difficulties to be resolved by the High Court. The appeal was thus disposed of in favor of the appellants.
Headnote
A) Property Law - Compensation for Requisition - Entitlement to Interest - Requisitioning and Acquisition of Immovable Property Act, 1952 - The court held that the appellants were entitled to interest on the compensation amount from March 1975 to July 31, 1987, at varying rates, based on established principles of compensation for requisitioned property. The court directed payment within three months and allowed for calculation difficulties to be addressed by the High Court (Paras 1-4).
Issue of Consideration
Whether the appellants were entitled to interest on the amount awarded by the Arbitrator under the Requisitioning and Acquisition of Immovable Property Act, 1952.
Final Decision
The Supreme Court held that the appellants were entitled to interest on the compensation amount from March 1975 to July 31, 1987, at rates of 6% and 12% per annum for specified periods. The court directed payment within three months and allowed for calculation difficulties to be addressed by the High Court.
Law Points
- Entitlement to interest
- Compensation principles
- Requisitioning and Acquisition of Immovable Property Act
- 1952
- Interest rates
- Calculation of interest
