Triloki Nath Singla VS ICICI Bank

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

A. P. SAHI, BHARATKUMAR PANDYA
Triloki Nath Singla – Appellant
Versus
ICICI Bank – Respondent

Advocates:
Counsel for the Parties:
For the Complainants:Ms. Sagun Srivastava and Arjun Garg, Advocate
For the Opp. Parties:Sandeep Suri, Advocate

ORDER

A.P. Sahi, President—The Complainants/Appellants are husband and wife, who availed of a housing loan facility from the Opposite Party Bank under an agreement dated 18.12.2006. The said loan was sanctioned and disbursed on 20.12.2006. The loan was for Rs.1 Crore and as per the Complainants, the rate of interest was 10.25% with a repayment period of 120 months with an EMI of Rs.1,33,539/-.

2. The Bank claimed interest at fluctuating rates which the Complainants allege was contrary to the guidelines of the Reserve Bank of India and was in excess of the amount agreed upon. On account of this dispute with regard to the rate of interest as charged, the Complainants allege that they represented the matter, but to no avail and in spite of repeated requests since the Bank refused to respond, CC No. 64 of 2012 was instituted on 03.12.2012 before the State Consumer Disputes Redressal Commission, U.T. Chandigarh alleging deficiency praying for the following reliefs:—

(a) Make the Payment of the sum of Rs.26,12,243/- as on 10.10.2012 and further excess charges/interest to the complainants along with interest @ 18% per annum from the respective dates of charging till actual dates of payment