JANAK SHANTILAL PATEL Vs. ADITYA BIRLA FINANCE LIMITED

JUDGEMENT

(1.) Heard learned advocate Mr.Ashok L. Shah with learned advocate Mr.A.B.Munshi for the petitioners, learned Senior Advocate Mr.R.S.Sanjanwala with learned advocate Mr.Bomi H. Sethna for the respondent No.1 and learned advocate Mr.Amar Bhatt for the respondent No.2.

(2.) By this petition under Article 226 of the Constitution of India, the petitioners have prayed to direct the respondent No.1 to refund an amount of Rs.1,12,55,885.00 which was charged by the respondent No.1 towards pre-payment charges with interest at the rate of 2% per annum as per the guidelines dtd. 14/7/2014 issued by the respondent No.2-Reserve Bank of India.

(3.) The facts in brief which give rise to this petition are as under: