DIRECTION: ICICI Bank orderd to pay Rs. 75,000 as compensation with interest for illegal act

Author(s): 

Chandigarh, December 23, 2012: The State Consumer Disputes Redressal Commission, Punjab directed to ICICI Bank Mumbai and Bathinda Branch to pay the complainant Rs. 75,000 along with interest @ 10% per annum from the date of complaint till payment. The complainant would also be entitled to Rs. 2,000 as cost of litigation.

Disclosing this here today the spokesman of the Punjab Government said that Gurjeet Singh resident of district Muktsar for earning his livelihood purchased LPT Canter by taking loan of Rs. 5,19,000 on 12.3.2004 from  ICICI Bank's district Bathinda Branch, which was to be paid in 44 Monthly installments of Rs. 13,771 per month. Rs. 1, 23,939 were paid up to 24.3.2005 by the respondent but in the month of April, 2005. When he was going to vapi Maharastra, due to strike of the transporters, where he was forcibly struck at that place and due to this reason he could not return to Muktsar and failed to pay the installment on time.

He said that when he was standing for his turn at canter union Muktsar, some unidentified persons forcibly took the possession of his canter. Appellant did not serve any notice before taking the forcibly possession of the truck. As such this act of the Bank was illegal, arbitrary and unjustified. He said that respondent offered the appellants to pay the due installments but his request was declined by the Bank. Thereafter the Bank illegally sold the said canter for an amount of Rs. 4, 01,000 to some other person whereas price of the same was 5, 50,000 at that time and the respondent was not informed at the time of sale of the truck. Then Gurjeet Singh filled a complaint against ICICI bank in the district form.

The spokesman said that after hearing both the parties the commission found negliance from the side of bank of india and commission directed to the bank to pay the complainant Rs. 75,000 along with interest @ 10% per annum from the date of complaint till payment. The complainant would also be entitled to Rs. 2,000 as cost of litigation.

Date: 
Sunday, December 23, 2012