Delhi High Court - Orders
M/S Saya Buildcon Consortium Pvt. Ltd vs Bank Of Baroda on 2 April, 2024
Author: Prathiba M. Singh
Bench: Prathiba M. Singh
$~10
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CS(COMM) 492/2020
M/S SAYA BUILDCON CONSORTIUM PVT. LTD. ..... Plaintiff
Through: Mr. Anmol Kumar, Advocate (M:
7838381994).
versus
BANK OF BARODA ..... Defendant
Through: Mr. Krishan Kumar, Mr. Seemant K.
Garg and Mr. Nitin Pal, Advs. (M:
7678622878).
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 02.04.2024
1. This hearing has been done through hybrid mode.
2. The present suit has been filed by the Plaintiff- M/S Saya Buildcon Consortium Pvt. Ltd. for recovery for a sum of RS. 2,08,18,956/- along with interest, in view of the dispute arising out of a term loan sanctioned by the Defendant bank in favour of the Plaintiff. The dispute between the parties arose after the request for pre-closure of the term loan by the Plaintiff. It is stated that the Bank arbitrarily increased the prepayment charges from 0.5% to 2% in disregard of the agreed terms of the loan agreement.
3. The Plaintiff alleges that despite their efforts to resolve the issue through mediation and complaints to banking authorities, the Defendant persisted in charging the increased prepayment penalty. The Plaintiff contends that the actions of the Defendant are unlawful and arbitrary, causing financial harm. Various documents, including sanction letters, This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 04/04/2024 at 01:11:25 correspondence, and orders from banking ombudsman and appellate authorities, are cited as evidence.
4. Admission/Denial has been concluded. Accordingly, the following issues are framed:-
i) Whether on the date of sanction of the loan facility i.e., on 23.03.2015, the Defendant had communicated to the Plaintiff that the decision regarding upward revision of the pre-payment charges from 0.5% per annum to 2% per annum was approved during a meeting of the Defendant held on 23.02.2015 i.e., one month prior to the sanction of the loan facility? - OPD
ii) Whether the Defendant could have unilaterally deducted a sum of INR 1,38,85,920/- in lieu of pre-payment charges from the current account of the Plaintiff whilst the Plaintiff had raised a dispute regarding the same with the Defendant? - OPP
iii) Whether the Defendant was obliged to communicate the increase in the pre-payment charges to the Plaintiff when the same was published on its website and was accessible to the general public? OPD
iv) Whether the Plaintiff is entitled to receive from the Defendant a sum of INR 2,08,18,956/- along with interest at 14.45% per annum? OPP
5. List of witnesses to be filed by both the parties within four weeks. Plaintiff to file its evidence in affirmative within six weeks.
6. List before the Joint Registrar for Plaintiff's evidence on 9th July, 2024.
7. List before the Court on 27th September, 2024.
PRATHIBA M. SINGH, J APRIL 2, 2024mr/bh This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 04/04/2024 at 01:11:25