Standard Chartered Bank VS Naresh Garg

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

SANGITA DHINGRA SEHGAL, PINKI
Standard Chartered Bank – Appellant
Versus
Naresh Garg – Respondent

Counsel for the Parties:
For the Appellant:Suchita Sharma and Anand Prakash, Advocates
For the Respondent:Sanjeev Nirwani and Syed Hasan Isfahani, Advocates

JUDGMENT

Sangita Dhingra Sehgal, President.—The facts of the case as per the District Commission record are as under:

“The Complainant is a resident of Delhi and had availed financial services from the Opposite Party for financial requirements of the Complainant for earning his livelihood. The Opposite Party had sanctioned a credit facility of 138 lakhs for 12 years vide Agreement dated 01-11-2010 (copy of Sanction Letter annexed as ANNEXURE ‘C-1’) with Equated Monthly Installment (EMI) of ¹ 1,68,931/- per month under Loan Account Number 52205938910. The rate of interest was 10.5% variable. The facility was to operate as a Cash Credit facility with interest being charged only on the sum used by the Complainant. The Complainant mortgaged Property No. D-277, Ground Floor, Nirman Vihar, Delhi-110092.

That the Opposite Party sanctioned a sum of ¹ 1,38,00,000/- after charging the charges for insurance and processing fees. That the Complainant informed the Opposite Party that the credit of sanctioned amount was on 22-11-2010 but the Opposite Party had charged the interest from 13-11-2010 and requested vide emails dated 14-12-2010 and 17- 12-2010 for waiver of 9 days interest on the abov