Order-16.

Date-17/04/2015.

This is an application u/s.12 of the C.P. Act, 1986.

          Complainant by filing this complaint has submitted that he is the sole proprietor of S.P. Ghosh and continued the self employed concern absolutely in his supervision by way of self employment exclusively for the purpose of livelihood and the complainant maintained the current account with the OPs bank since 1995 and due to the need of money the complainant applied for granting overdraft facility which the OPs duly granted in favour of the complainant after compliance of all necessary formalities as per the rules and regulations of the OP Bank and the said overdraft facility was secured by number of deposits, LIC and NSC policies and the in the name of the complainant and no copy of sanctioned letter was handed over by the OPs to the complainant and the complainant time to time deposited the money with interest to the Ops and time to time the Overdraft facility were extended to Rs.2,69,000/- in the year 2002 and at that point of time the OPs secured the said overdraft facility by receiving the title deed of a residential flat of the complainant where the complainant residing with his family members and complainant was repaying the amount properly and due to market failure of the complainant in the business complainant became defaulter.  But he was not a willful defaulter.  After that complainant made many communication with the OP and expressed his helplessness regarding payment and subsequently OP issued notice under SARFAESI Act expressing outstanding amount of Rs.2,51,000/- on 30-05-2009 and assets of the complainant declared as NPA. 

          Subsequently, complainant reported the matter to the OP with intention to repay the same settled the issue and complainant was agreed to pay Rs.2,56,550/- against total due amount as on the date by way of three instalment within the month of September, 2014, as full and final settlement.  Branch Manager duly received it and accepting the settlement but thereafter when complainant went to the bank to pay the said amount bank refused to receive it and the Manager demanded Rs.3,50,000/- as outstanding amount and finding no other alternative complainant lodged complaint to the DGM, Andhra Bank and complaint was registered but no fruitful result was achieved from the OP though complainant is willing to pay Rs.2,56,550/- as per settlement letter dated 21-04-2014 and in the above circumstances, complainant has prayed for relief.

          On the other hand, OP bank by filing written version submitted that the present complaint is not maintainable and complainant’s assets were declared NPA Account on 30-05-2009 as per RBI Rules and as per provision of SARFAESI Act notice was served.  Thereafter, complainant submitted a prayer before the OP and complainant agreed to pay the same but that was not paid for which complainant is not entitled to get any relief.  Moreover, complainant has already lodged a S.A. Case u/s.17(1) of SARFAESI Act, 2002, being Case No.176 of 2010 before the Ld. Debts Recovery Tribunal No.II, Kolkata, which is still pending and at the same time OP Bank filed one Money Suit being No.107 of 2011 before the Sr. Division (Civil Judge) at Sealdah and as per settlement complainant failed to pay within stipulated period of time so, there was no laches on the part of the OP and in fact the amount has already been increased due to inclination of the interest in the meantime and fact remains OP never refused to accept such amount and if the said amount would be paid in time the OP Bank shall have to accept it and in the above circumstances, complaint should be dismissed.

Decision with Reasons

On proper consideration of the entire materials on record including the complaint and the written version and also the settlement agreement it is clear that it is the undisputed fact that the complainant became a defaulter for financial crisis and OP conducted and organized a Loan Mela on 21-06-2014 and complainant was also intimated in the Mela and accordingly complainant visited the said Mela and contacted with the OP2 and after long discussion with the OP2 it was settled that complainant shall have to pay Rs,2,56,550/- against total balance amount and it must be paid by three number of instalments within month of September, 2014 as full and final settlement and Branch Manager, duly received the said letter of settlement and duly accepted the same by putting the signature in the settlement prayer of the complainant but no doubt complainant has failed to produce any paper to show that he went to Bank to deposit the amount within stipulated period of time, no such copy of cheque is also filed by the complainant to show that he intended to deposit and bank refused to accept it but no doubt after hearing of the Ld. lawyer of the OP we have gathered that Ld. Lawyer of the OP is willing to get the money which is due and now, it is about Rs.3 lakhs but considering the entire facts and circumstances, we find that bank is a financial social organization and when complainant is willing to repay it invariably bank must not have to take any punitive action against such customer and complainant agreed before this Forum and expressed personally that he is willing to pay Rs.2,56,550/- at a time including some interest and considering that fact we are disposing of this matter by directing the complainant to deposit Rs.2,56,550/-, in fact, within one month from the date of this order and OP bank shall have to receive it and further complainant shall have to pay Rs.20,000/- also as interest update and finally shall have to pay Rs.2,76,550/- and it must be paid within one month from the date of this order and OP Bank shall have to receive it as a final settlement and shall withdraw all proceeding and cancel this account as finally closed and at the same time on receipt of the same OPs shall handover no objection certificate and deed of sale which is under the custody of the OP as hypothecated document forthwith to the complainant and accordingly, this complaint succeeds.

Hence,

Ordered

That the case be and the same is allowed on contest without any cost against the OPs.

          OP Bank is directed to receive the entire amount of Rs.2,76,550/- from the complainant within one month from the date of this order and as and when the amount shall be deposited within the stipulated period by the complainant the OP Bank shall forthwith close down the account treating it as final settlement and forthwith issue no objection certificate and also handover the deed of sale in respect of the flat of the complainant and OP shall have to report after lapse of one month from the date of this order.

          Parties are directed to comply the order very strictly failing which OP bank shall have to pay punitive damages of Rs.25,000/- for non-compliance of the Forum’s order and if complainant fails to comply the order in this case the complainant shall not get any benefit of the judgment after lapse of one month from the date of this order in that case bank shall have proceed accordingly.

          Parties are directed to comply the order otherwise penal action shall be started against them as per provision of Section 27 of the C.P. Act.