that
foreclosure charges relate to the mortgage of immoveable property and is not
synonymous for prepayment charges. The OPs could recover foreclosure charges
only ... foreclosure charges from the complainant
on the assumption that since he is liable to pay pre-payment-charges, he should
therefore, pay foreclosure charges also
loan account,
arbitrarily charged a sum of Rs.91,001.25 as foreclosure charges @2.25% at O/s
Principal ... word foreclosure charges were inadvertently written instead
of prepayment charges did not make the payment of 2.25% at O/S principal, as foreclosure
charges
which is
a non-banking financial company, has imposed foreclosure charges qua its
loan account without appreciating the fact that a proprietorship concern does ... individual.
1.1 More specifically, the petitioners contend that the imposition of
foreclosure charges is in contravention to the provisions of the Reserve Bank
of India
foreclosure charges and Rs.3,91,394/- is service charges on the same.
The foreclosure amount cannot be charged to an individual loan ... benefit and foreclosure amount charged by the O.P.
The O.P. has rightly charged foreclosure charges and by doing
loan and
interest. This additional amount was charged, on
account of foreclosure charges for pre-payment of
the loan. After repaying the loan amount, alongwith ... communication
dated 20th July, 2007, in which, it was stated that
foreclosure charges has been received, as per terms
& conditions of the loan agreement
from a
different lender. The respondent no. 1 sought to levy foreclosure charges
upon the petitioners, which, according to the petitioners, was in
contravention ... amount demanded by the respondent no. 1 by way of foreclosure
charges. It was also submitted that the No Objection Certificate required
by the petitioners
issuance of direction to the respondents to refund the foreclosure
charges of the loan as per the guidelines ... Respondents vide their letter dated 12.06.2012 refused to waive/refund of
foreclosure charges on the ground that the petitioner has not closed the
account from
banking and
becomes expropriation. The levy of pre-payment or foreclosure charges
on floating-rate credit facilities, prohibited ... arbitrary and unsustainable demand raised by the Respondent-
Bank towards foreclosure charges in respect of Item Loan Account No.
7166340164 and Cash Credit Account
issued Guidelines dated July 14,
2014 relating to "Levy of foreclosure
charges/pre-payment penalty on Floating Rate
Loans" addressed to all NBFCs ... informing that the
NBFCs shall not charge foreclosure charges/pre-
payment penalties on all floating rate term loans
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MSMED Act prohibits levy
of any foreclosure charges/ prepayment charges in respect of Term
Loans granted to Micro Small and Medium Enterprises on floating
interest ... whereby the RBI has prohibited the levy of foreclosure
charges/ prepayment penalty in case of MSMEs. It is submitted that the
said notification is statutory
