Supreme Court of India
Bank of India v. M/s. Brindavan Agro Industries Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
Resultantly, the Bank was directed to refund Rs.20,55,915/- to the Consumer and the interest rate was modified from 9% p.a. to 7% p.a.
Judgment, page 10
From the headnote
Consumer Protection Act, 1986: Grievance of consume r regarding processing fees charged by Bank – In the instant case, the consumer-respondent by its letter dated 15.10.20 11 requested for credit facility to the appellant-Bank with concession of 50% on LC charges, processing charges, inspection charges etc. and full waiver of DD charges and commitment charges – Howev er, consumer, subsequently, revised its credit requirement thr ee times – On 30.12.2011, the Bank debited the account of cons umer by Rs.27.41 lacs being 50% of the applicable processing fees incl uding the TEV study and service
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