Punjab

Nawanshahr

CC/11/2016

Harpal Kaur - Complainant(s)

Versus

Axis Bank Limited - Opp.Party(s)

M.P.Nayyar

18 Mar 2016

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM

SHAHEED BHAGAT SINGH NAGAR

Consumer Complaint No.         :     11 of 09.02.2016

Date of Decision:                    :     18.03.2016

Harpal Kaur Wd/o Paramjit Singh R/o B-1/146/1, Banga Road, Near Guru Nanak Ice Factory, Nawanshahr, District Shaheed Bhagat Singh Nagar.

                                                                             …Complainant

Versus

1. Axis Bank Limited, Banga Road, Nawanshahr through its Manager.
2. Axis Bank Limited, Registered Office, “Trishul”, Third Floor, Opposite Samartheshwar Temple, Nr. Law Garden, Ellisbridge, Ahmadabad through its Managing Director.
3. Max Life Insurance Company Limited, Happy Building, 2^nd Floor, Above Bank of Maharashtra, Chandigarh Road, Nawanshahr through its Manager.
4. Max Life Insurance Company Limited, 11^th Floor, DLF Square, Jacaranda Marg, DLF City Phase-II, Gurgaon through its Manager.
5. Max Life Insurance Company Limited, Registered Office, Max House, 3^rd Floor, 1 Dr. Jha Marg, Okhla, New Delhi, through its Managing Director.

          …Opposite Parties

                             Complaint under the Provisions of Consumer Protection Act, 1986

 

QUORUM:

SH.G.K. DHIR, PRESIDENT

MS.SUSHMA HANDOO, MEMBER

 

COUNSEL FOR THE PARTIES:

For complainant            :         Sh.MP Nayyar, Advocate

For OP-1&2                   :         Sh.Ravinder Parmar, Advocate

For OP No.3 to5            :         Sh.Nipun Bhalla, Advocate

 

ORDER

PER SH.G.K. DHIR, PRESIDENT

 

1.       Complainant was having bank account No.911010015642194 with OP Bank.  In March 2012, complainant contacted for deposit of amount in RD scheme, which as per information provided to her was to accrue interest @18% per annum.  Complainant agreed to deposit money with OP bank in three equal installments of Rs.48603/-.  Amount of Rs.1,45,809/- of three equal installments was debited to the account of complainant, despite the fact that complainant never authorized to invest this amount in the insurance policy.  Instead of investing the amount in recurring deposit scheme, the amount invested in Life Insurance Policy No.865993943 with OP No.3 to 5 in name of complainant.  The amount has not been disbursed to complainant and that is why the complaint for refund of Rs.1,45,809/- with interest and compensation of Rs.25,000/- , but litigation expenses of Rs.15,000/-.

2.       Sh.Nipun Bhalla, Adv. On behalf of Ops No.3 to 5 instead of filing written statement suffered statement today that as per instructions of his client, the company has already compromised the matter with complainant for an amount of Rs.1,94,410/-.  Sh. MP Nayyar, Advocate on behalf of complainant claimed that as per intimation received by him from his client that payment has not been received by her.  However, as per that recorded statement of Sh.MP Nayyar, Advocate (today), complainant agrees to accept Rs.1,94,410/- in full and final settlement of her claim. 

3.       In view of the compromise arrived at between parties as reflected by the recorded statement of counsel for complainant and OPs No.3 to 5, this complaint allowed in terms that OPs No.3 to 5 will pay Rs.1,94,410/- to complainant in full and final settlement of her claim put forth through this complaint within 30 days from date of receipt of copy of this order, failing which they will be liable to pay interest on the settled amount of Rs.1,94,410/- @8% per annum w.e.f. 25.04.2016 onwards till payment.   

4.       File be indexed and consigned to record room.

5.       Let copies of the order be sent to the parties, as permissible, under the rules.

Dated:  18.03.2016

 

  

(Sushma Handoo)                                               (G.K. Dhir)

Member                                                               President