We have heard learned counsel for the parties for some time. We are happy to note the on one suggestion the parties have agreed to settle the disputes, subject matter of the present Revision Petition, on the following terms: - The interest payable on the loan advanced by the Petitioner/Bank to the Respondent/ Complainant will be in terms of Clause E of the Home Equity Loan Agreement, entered into between the parties on 30.08.2005;
- The floating rate of interest, as stipulated in the said clause @ 8.75% per annum, shall be revisable as per the guidelines issued by the Reserved Bank of India, relating to Home Equity Loans, from time to time;
- A recasted statement of account, in terms of this settlement, after accounting for the interest already accepted by the Bank, shall be supplied to the Respondent/Complainant within eight weeks from today;
- It is stated at the bar by the Ld Senior Counsel appearing on behalf of the Respondent/Complainant that interest at the maximum rate of interest, viz., @ 16% per annum, as applicable in the case of a loan against the property, has already been realized by the Bank. If that be so, refund, if any, for the excess amount, computed in terms of this order, shall be granted within six weeks from the date of furnishing of the said statement; and
- The parties shall remain bound by the above terms in so far as disbursement of loan, subject matter of the complaint, giving rise to the present Revision Petition, is concerned.
The Revision petition stands disposed of accordingly, with no order as to cost. |
