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BANK HAS NO AUTHORITY TO CHARGE PRE-PAYMENT PENALTY FROM INDIVIDUAL AND ALSO FROM A PROPRIETORSHIP BANK HAS NO AUTHORITY TO CHARGE PRE-PAYMENT PENALTY FROM INDIVIDUAL AND ALSO FROM A PROPRIETORSHIP

Bronze medal Reporter ADV ANIL KUMAR PC Posted 13 Mar 2019 Post Comment Visitors: 83 Read More News and Blogs
BANK HAS NO AUTHORITY TO CHARGE PRE-PAYMENT PENALTY FROM INDIVIDUAL AND ALSO FROM A PROPRIETORSHIP

The Hon’ble Kerala high court has held that, A proprietary concern is nothing, but an individual trading under a trade name. A person may carry on business in the name of a business concern, but he being proprietor thereof, would be solely responsible for conduct of its affairs. The view taken in the impugned orders to the effect that the proprietor is not entitled to the waiver, since he is not a “natural person” is completely unsustainable. The petitioner, who is the sole proprietor, is an individual and is therefore eligible for the benefit of the waiver of foreclosure/pre-payment charges ON TERM LOAN as provided in the master circular.

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