PRESIDENT DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR

                             CONSUMER COMPLAINT NO.168/2024

Present-Dr. Ramakanta Satapathy, President,

  Sri. SadanandaTripathy, Member,

Rajanikanta Mishra,

S/O-Maguni Mishra,

R/O-Happy Colony, Beheramunda, PO/Ps-Bareipali,

Dist-Sambalpur-768006, Odisha.                                      ……….......Complainant.

Vrs.

1. Branch Manager, Bank of India, Dhankauda Branch,

PO-Dhankauda, PS-Sadar, Dist-Sambalpur.

2. LIC of India, Sambalpur Division, Ps-Ainthapali,

Dist-Sambalpur.                                                     ....……….Opp. Parties

Counsels:-

1. For the Complainant              :- Sri. S. Dash & Associates
2. For the O.P.No.1                    :- Ex-parte
3. For the O.P.No.2                    :- Sri. A. Nayak , Adv.

Date of Filing:21.05.2024,  Date of Hearing :03.09.2024,  Date of Judgement :21.10.2024

Presented by Dr. Ramakanta Satapathy, PRESIDENT

1. The case of the Complainant is that the Complainant availed a KCC loan from O.P.No.1 vide loan A/C No. 543132110000510 by mortgaging LIC policy Bond No. 591593908 issued by O.P. No.2 After repayment O.P. issued loan clearance certificate but not returned he policy bond after several approach. On 11.03.2024 Complainant requested through a letter to return the document but it was in vain. Again on 26.04.2024 another request letter was made but the O.P. No.1 remained silent. For deficiency in service complaint has been filed.
2. The O.P. No.1 has been set ex-parte.
3. The O.P.No.2 in reply submitted that policy No. 591593908 issued on 28.03.2003 to Rajanikanta Mishra for a sum assured Rs. 50,000/- premium amount Rs. 58/- mode monthly(SSS) under plan Term 27/55/25 (Without profit whole life policy) and the maturity date is 28.08.2058. Vide letter No. DHAN/AS dated 01.03.2007 on 05.03.2007 the policy has been assigned to Bank of India, Dhankauda Branch. The O.P.No.2 has no role to play. No claim against O.P.No.2 has been made.
4. Perused the documents filed by the Complainant. On 28.02.2024 the O.P.No.1 issued no dues certificate against loan A/C No. 543132110000510. The Complainant issued registered letter dated 11.03.2024 and 26.04.2024 to the O.P.No.1 for reassignment of the policy bond.
5. The Complainant against loan A/C No. 543132110000510 made the assignment of policy No. 591593908. The sum assured is Rs. 50,000/-. After closure of the loan account on 28.02.2024 the Complainant made several request for reassignment of the policy and return of policy bond but the O.P.No.1 remained silent. After receipt of registered letter dated 11.03.2024 and 26.04.2024 also the O.P.No.1 remained silent which amounts to deficiency on the part of the O.P.No.1. Grievance of the Complainant has not been redressed for which the complaint was filed. The O.P.No.2 has only assigned the policy as proforma O.P.

Taking into consideration the circumstances of the case following order is passed:

ORDER

The complaint is allowed ex-parte against O.P.No.1 and dismissed against O.P.No.2. The O.P.No.1 is directed to return the original LIC policy bond No. 591593908 along with reassignment letter within one month to the Complainant. In case of non-return the O.P. No.1 shall give in writing why the original policy bond is not returned. For deficiency in service the O.P.No.1 is liable to pay compensation of Rs. 50,000/- and litigation expenses of Rs. 10,000/- to the Complainant.

Order pronounced in the open court on 21^st day of Oct. 2024.

Supply frees copies to the parties.