2015 (1) TMI 687

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....Respondent : Mr. R. Gurunathan, AR ORDER Per: B.S.V. MURTHY: The appellant is a term lending institution under the provisions of State Financial Corporations Act. The corporation is engaged in financing by providing term loans. Like other banking and financial institutions, appellant has a policy of charging penalty for premature repayment of loan. A view has been taken that the amount collect....

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....in servicing loan, the interest rates existing at the time of lending and closure and the loss to the lender because of prepayment etc. She submits that the observations in para 10 of the decision of the Tribunal shows that there was a processing of application involved in that case and there was an element of service. She submits that in the case of the appellant it is not so and the percentage o....