M.THANIKACHALAM, J. - (1.) Opposite party is the appellant.
(2.) The complainant/ respondent, approaching the opposite party bank, availed educational loan in A/c No.01593010697, renumbered as ETL A/c.10348316798, for her studies in Stony Brook University in Newyork, USA, and the sanctioned amount was Rs.15 lakhs. Eventhough a sum of Rs.15 lakhs was sanctioned, only part of the amount was disbursed, since the complainant discontinued her studies in USA subsequently. Out of the sanctioned loan, two Demand Drafts, were duly encashed, and the 3rd DD dt.13.1.2004, for US$ 6030 in favour of Stony Brook University, was not encashed, and by that time, the complainant discontinued her studies, settling the account.
(3.) The opposite party was informed about the discontinuation of the study, and was making effort to get back the amount, under the missed Demand Draft. After complaining to the higher authorities, and repeated registered letters, 2 years later, they have refunded the sum of Rs.2,75,209/-, withstanding the fact that the opposite party was collecting the interest for the entire loan availed by the complainant. They are neither morally nor legally entitled to collect interest, which they have collected, amounting to a sum of Rs.1,27,029/-. Despite repeated demands, since the opposite party has not paid the said amount, caused mental agony, for which the complainant is entitled to a sum of Rs.50000/- as compensation. Thus claiming a sum of Rs.1,27,029/- (probably representing interest) for delayed payment, with compensation, a consumer complaint was filed before the District Forum, Namakkal.;