Complainant/appellant is a Trust created to manage the provident fund contribution of the employees of Bharat Petroleum Corporation Ltd. and invest the surplus amounts in securities as per the statutory pattern of investment.  In order to enhance the provident fund, appellant subscribed Rs.6,90,00,000/- to the Bonds XXII series and XXXIII series floated by the Industrial Finance Corporation of India (Respondent herein) in June 1998 and January 2000 respectively.  Respondents had agreed to pay interest ranging from 12.65% to 14.25%.  Till 2003, agreed rate of interest was paid.  Thereafter the rate of interest was reduced to 9%.  Respondent offered to pay interest @ 9%, which was not accepted by the appellant.  Respondent unilaterally reduced the rate of interest and returned the principal amount of Rs.6,90,00,000/- deposited by the appellant with interest @ 9%.  Appellant filed the complaint claiming differential interest.   

State Commission, without issuing any notice to the respondent or permitting the appellant to lead evidence in support of his claim, dismissed the complaint on the ground of maintainability.  According to the State Commission, complaint filed by the appellant was not maintainable.

Since the State Commission has non-suited the appellant without issuing notice to the respondent and letting the appellant prove that the complaint was maintainable, the impugned order is set aside and the case is remitted back to the State Commission to decide it afresh in accordance with law.

Parties, through their respective counsel, are directed to appear before the State Commission on 22.1.2013.

All contentions are left open including the question regarding maintainability of the complaint.

Respondent is directed to file its written statement on or before the date fixed before the State Commission.

        Since it is a very old case, we would request the State Commission to dispose of the complaint as expeditiously as possible and preferably within a period of 6 months from the date of appearance.