Bihar State Housing Board vs Arun Dakshy

The Supreme Court held that under Regulation 45 of the Bihar State Housing Board (Management and Disposal of Housing Estate) Regulation 1983, the appropriate rate of interest on earnest money is 5%, not the 18% awarded by the National Consumer Disputes Redressal Commission. The Court emphasized that the Commission cannot award interest contrary to the statutory provisions. The appeal was allowed, and the interest rate was modified to 5%, aligning with the established legal principle that compensation must vary based on the specifics of each case.