BULCHAND CHANDIRAM OF BOMBAY vs BANK OF INDIA LTD., FORT, BOMBAY

The Supreme Court interpreted the Displaced Persons (Debt Adjustment) Act, 1951, specifically sections 2(6), 17, 22, and 29. The Court held that the Tribunal has discretion under section 29 to allow interest at a maximum of 4% per annum from August 15, 1947, based on the debtor's paying capacity. It ruled that the appellant's liability was solely his, rejecting the claim for apportionment under section 22. The Court also determined that the insurance policies were governed by section 17, denying the appellant a refund since the realization did not exceed the debt owed to the Bank.