ORDER

Heard Mr. Pallav Sisodia, Sr. Advocate, assisted by Mr. Abhishek Puri, Advocate, for the complainant and Mr. B.B. Sawhney, Sr. Advocate, assisted by Mr. Vipin Jai, Advocate, for the opposite party.

2. Jawaharlal Nehru Port Trust has filed above complaint for directing the opposite party to (i) refund Rs.11868418/- with interest @9.67% per annum, compounded quarterly from the date of deposit till the date of refund; (ii) refund Rs.700000000/-, with interest @9.75% per annum, compounded quarterly from the date of deposit till the date of refund; (iii) pay costs of litigation; and (iv) any other relief which is deemed fit and proper in the facts and circumstances of the case.

3. The complainant stated that Jawaharlal Nehru Port Trust was a statutory authority, constituted under the Major Port Trusts Act, 1963 and was managing the administration and affairs of Jawaharlal Nehru Port, Navi Mumbai, Maharashtra. Oriental Bank of Commerce (the opposite party) was a Government of India undertaking and was rendering banking services. The Branch Manager, Oriental Bank of Commerce, branch Malwani Malad, Mumbai (hereinafter referred to as the OBC) approached B.V. Rao, Manager (Finance) of the complainant on 10.01.2014, soliciting deposits, in its branch. The complainant proposed for investment but it could not be materialized due bank’s employees strike on 10.02.2014. The complainant issued group mail to various banks on 11.02.2014, inviting quotations in respect of rate of interest for a “Term Deposit” for the period of one to two years of Rs.100-120 crores. Various banks gave their quotations, offering rate of interest, in which, the quotation of the OBC was highest @9.67% per annum. The competent authority of the complainant approved the quotation of the OBC on 12.02.2014. Mrs. Seema Nanivadekar, Deputy Manager (Finance) of the complainant communicated the decision and took details of the OBC, for transfer of money through RTGS, which was supplied on 12.02.2014 at 14:04 hours through mail, followed by a fax. The complainant transferred Rs.110/- crores to the Intersol Account of the OBC through RTGS on 12.02.2014. Under joint signatures of Mrs. Seema Nanivadekar, Deputy Manager (Finance) and P.C. Patil, Assistant Manager (Finance), the complainant gave a fax message to the OBC on 12.02.2014 at 14:57 hours, requesting to issue “Term Deposit Receipt” (TDR), for a period of one year, @9.67% per annum, compounded quarterly of above amount of Rs.110/- crores, followed by a letter dated 12.02.2014, in their joint signatures. The OBC acknowledged receipt of Rs.110/- crores and said fax for TDR, through fax dated 12.02.2014 at 15:06 hours, followed by a letter dated 12.02.2014. On 13.02.2014, the complainant contacted the OBC for sending TDR, then the OBC informed that they were negotiating with the higher authorities, for more rate of interest as such TDR was not issued. The complainant issued another group mail to various banks on 15.02.2014, inviting quotations in respect of rate of interest for “Term Deposit” for the period of one to two years of Rs.60/- to Rs.70/- crores. Various banks gave their quotations, offering rate of interest, in which, the quotation of the OBC was highest @9.75% per annum. The competent authority of the complainant approved the quotation of the OBC on 17.02.2014. The complainant transferred Rs.70/- crores to the Intersol Account of the OBC on 17.02.2014 through RTGS. Under joint signatures of Mrs. Seema Nanivadekar, Deputy Manager (Finance) and P.C. Patil, Assistant Manager (Finance), the complainant gave a letter on 17.02.2014, requesting to issue TDR, for a period of one year, @9.75% per annum, compounded quarterly of above amount of Rs.70/- crores. The OBC acknowledged receipt of Rs.70/- crores and said letter for TDR, through letter dated 17.02.2014. Thereafter, the complainant made various communication to the OBC, for issuing TDRs of above amounts but the OBC was making some excuse for not issuing TDRs. Ult