DELHI CO OPERATIVE HOUSING FINANCE CORPORATION LTD vs GHALIB MEMORIAL CO OPERATIVE GROUP HOUSING SOCIETY LTD & ANR.

Judgment text excerpt

$~16 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 24.02.2025 + W.P.(C) 11344/2023 & CM APPL. 44129/2023 DELHI CO OPERATIVE HOUSING FINANCE CORPORATION LTD .....Petitioner Through: Ms Shobhana Takiar, Mr Prateek Dhir, Mr Kuljeet Singh and Mr Shivam Takiar, Advocates. versus GHALIB MEMORIAL CO OPERATIVE GROUP HOUSING SOCIETY LTD & ANR. .....Respondents Through: Mr Harish Kumar Mehra, Advocate for R1. Ms Srishti Sharma and Mr Ankur Arora, Advocates for R2. CORAM: HON'BLE MR. JUSTICE VIBHU BAKHRU HON'BLE MR. JUSTICE TEJAS KARIA VIBHU BAKHRU, J. (ORAL) Introduction 1. The Delhi Cooperative Housing Finance Corporation Limited (hereafter the DCHFCL) has filed the present petition, inter alia, impugning an order dated 24.03.2023 (hereafter the impugned order) passed by the learned Delhi Co-operative Tribunal (hereafter the Tribunal). DCHFCL Signature Not Verified Digitally Signed By:RAM W.P.(C) 11344/2023 Page 1 of 12 KUMAR Signing Date:04.03.2025 17:53:10 claims it is entitled to compound interest in terms of an arbitral award (as modified (hereafter the Award), whereby it was awarded pendente lite and future interest at the rate of 15.5% per annum. By the impugned order, the learned Tribunal rejected DCHFCL’s contention that it is entitled to recovery certificate on the aforesaid basis and has interpreted the arbitral award in question as awarding simple interest on the amount as claimed from the period of institution of the claim till realisation. 2. The Tribunal has examined the Award and concluded that it was impermissible for the Tribunal in enforcement proceedings to go behind the Award in question. 3. Ms Takiar, the learned counsel appearing for DCHFCL submits that in terms of the contract between DCHFCL and respondent no.1/Ghalib Memorial Cooperative