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SUPREME COURT
P. Chidambaram, J
ICICI Bank Ltd. – Appellant
Versus
Maharaj Krishan Datta – Respondent
| Table of Content |
|---|
| 1. adherence to interest terms in loan agreements. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. discussions regarding the implications of floating interest rates. (Para 7 , 9 , 10 , 11 , 12) |
| 3. court's observations on correct application of interest rates. (Para 8) |
| 4. final decision allowing the appeal and addressing financial obligations. (Para 13 , 14) |
1. Leave granted. This appeal is directed against an order passed by the National Consumer Disputes Redressal Commission (in short "the National Commission") dated 29-9-2014 [ ICICI Bank Ltd. v. Maharaj Krishan Datta , 2014 SCC OnLine NCDRC 824] dismissing the revision petition filed by the appellant Bank. The Commission held that the revision petition is disposed of with an order that up to 30-11-2006, the Bank was entitled to charge interest at floating reference rate (FRR) per annum minus 1.5% p.a., whereas w.e.f. 1-12-2006, the Bank would charge interest @ 8.75% p.a., irrespective of any increase or decrease in the FRR.
2. The said order dated 29-9-2014 was passed by the National Commission on the following facts: the complainant respondents herein availed home loan to the extent of Rs. 13,35,100 from the appellant Bank for pur
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