The court was hearing a plea of Buffalo Traders Welfare Association filed way back in 1996. The unified Municipal Corporation of Delhi (MCD) then had taken a plot of land from UPSIDC for establishing a slaughter house but had later returned its possession. However, the money paid to the UPSIDC for the plot was not returned.
"Despite taking back the possession of the plot by Uttar Pradesh State Industrial Development Corporation (UPSIDC), the principal amount of Rs 3.7 crore has still not been refunded.
The bench said UPSIDC's Managing Director will have to appear in person if the cheque is not honoured and said "you have kept the money for 14 years and do not want to pay even the principal amount. We will send him (MD) to jail."
The apex court said it would deal with the interest part later and made it clear to the counsel for UPSIDC to pay the principal amount within a week.
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