NAYAK INDUSTRIES LTD Vs. CHAIRMAN BANK OF BARODA

JUDGEMENT

(1.) In both the writ petitions, issues involved are almost same, hence these petitions are being disposed of by a common order.

(2.) In brief the facts are that the Petitioner Nayak Industries Ltd. filed Civil Misc. Writ Petition No. 10347 of 2010 making following prayer:

(3.) The case as pleaded by the Petitioner is that in respect of the loan amount, the Petitioner was required to pay interest at the rate of 11% per annum but the Respondent bank charged interest at the rate of 18% per annum. The Petitioner, therefore, deposited the huge amount with the bank. However, the Petitioner raised objections about excess charging of interest on the loan amount then the Respondent bank started returning the amount and till the date of filing the Writ petition No. 10347 of 2010, the amount of Rs. 1,26,51,521/- had already been refunded to the Petitioner. The Respondent bank had also informed the Petitioner vide letter dated 26.10.2009 that necessary action is being taken upon Petitioner's letter/complaint/representation and the Petitioner will be informed in this regard.