Himachal Pradesh State Financial vs Vs

The Supreme Court held that under Section 29 of the State Financial Corporations Act, 1951, the respondent-loanee is entitled to interest at the rate of 13% on the excess amount realized from the sale of his industrial unit. The Court clarified that the delay in refunding the excess amount was not a valid reason for the Corporation to deny interest, as the Corporation did not earn any profit from the amount held. The appeal was dismissed, upholding the High Court's direction for the refund along with interest.