Shri. Gursharan Singh Arneja vs Reserve Bank Of India, ...
2022 Latest Caselaw 805 Bom

                                                1/2                            15-WP 323.2022

                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                          NAGPUR BENCH : NAGPUR

                            WRIT PETITION NO. 323 OF 2022
           Shri Gursharan Singh Arneja vs. Reserve Bank of India and another
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Office notes, Office Memoranda of
Coram, appearances, Court's orders                                Court's or Judge's Orders. or
directions and Registrar's orders.
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                        Mr. Shyam Dewani, Advocate for petitioner.



                                     CORAM       :       SUNIL B. SHUKRE AND
                                                         ANIL L. PANSARE, JJ.

                                     DATE        :       20/01/2022


                                     Hearing     was     conducted       through       video

conferencing and the learned counsel agreed that the audio and visual quality was proper.

2. Heard.

3. Leave to amend the petition and its prayer clause is granted. Amendments be carried out within one week from the date of the order. Meanwhile, having considered the submissions that the insistence of respondent No.2 on the petitioner paying prepayment or foreclosure charge for early closure of the loan account by making full repayment even before the expiry of the period of loan is illegal, as anti-competition and arbitrary.

KOLHE
                                                      2/2                     15-WP 323.2022

4. It is submitted that no such prepayment charge can be levied by any bank or NBFC like respondent No.2, as per the directions issued by Competition Commission of India in its Judgment rendered in Neeraj Malhotra vs. Deutsche Post Bank Home Finance, 2010 SCC OnLine CCI 27 and at least two Circulars issued by Reserve Bank of India on 07/05/2014 and 14/07/2014.

5. Issue notice for final disposal at admission stage to the respondents. Leave is granted to the petitioner to serve the respondents, in addition to usual mode of service, by e-mail.

6. In the meanwhile no coercive steps be taken against the petitioner and no penalty or penal charges be imposed upon the petitioner on account of non-payment of prepayment charge by him.

7. Stand over to three weeks.

                                     JUDGE                              JUDGE




Digitally signed byRAVIKANT
     CHANDRAKANT KOLHE
      Signing Date:20.01.2022
                        16:15


           KOLHE