Chandigarh

StateCommission

A/245/2015

Shyam Kuldeep Singh - Complainant(s)

Versus

ICICI Prudential Life Insurance Company Limited - Opp.Party(s)

Sushil Grover & Nitin Grover, Adv.

30 Nov 2015

ORDER

STATE CONSUMER DISPUTES REDRESSAL COMMISSION,

U.T., CHANDIGARH

                                                                 

Appeal No.	:	245 of 2015
Date of Institution	:	28.09.2015
Date of Decision	:	30.11.2015

 

Shyam Kuldeep Singh son of Sh. Jai Ram, resident of House No.179, Sector -2, Panchkula.

……Appellant/complainant.

 

Versus

1. ICICI Prudential Life Insurance Company Limited, through its Branch Manager, having its Branch at SCO134-135-136, 1^st Floor, Sector-8, Chandigarh.
2. ICICI Prudential Life Insurance Company Limited, through its Managing Director Sh. Sandeep Bakshi having its Registered Office at ICICI Pru Life Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025.
3. ICICI Prudential Life Insurance Company Limited through its Chairperson Smt. Chanda Kocchar having its Registered Office at ICICI Pru Life Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025.

….Respondents.

 

Appeal under Section 15 of the Consumer Protection Act, 1986.

 

BEFORE:   JUSTICE JASBIR SINGH (RETD.), PRESIDENT.

                SH. DEV RAJ, MEMBER.

                SMT. PADMA PANDEY, MEMBER.

               

Argued by:

 

Sh. Nitin Grover, Advocate for the appellant alongwith Sh. Shyam Kuldeep Singh, appellant in person.

Sh. Gaurav Bhardwaj, Advocate for the respondents.

 

PER JUSTICE JASBIR SINGH (RETD), PRESIDENT

 

 

 

(ORAL)

 

 

            At the time of arguments, with good efforts made by Sh. Gaurav Bhardwaj, Advocate, Counsel  for the respondents, this matter has amicably been settled.

2.         Sh. Gaurav Bhardwaj, Advocate, Counsel  for the respondents states that on the amount deposited i.e. Rs.7,13,523/-, the respondents – Company shall pay interest @9% per annum (simple) up-to 31.10.2015. He states that as per the above calculation, so made, the payable amount comes to Rs.9,70,391/-. He also states that out of the amount, so arrived at, the respondents will deduct an amount of Rs.1,93,616/-, which had already been paid to the appellant, and the balance amount of Rs.7,76,775/- shall be paid to the appellant within one month from today through demand draft/cheque.

3.         Sh. Shyam Kuldeep Singh, appellant, in person states that if the above commitment is honoured, he shall not press for decision of this appeal on merits.  He further states that in case the above commitment is not honoured, he be given liberty to get this appeal revived.

4.         To the above said prayer made, Sh. Gaurav Bhardwaj, Advocate, Counsel for the respondents has not shown any opposition.

5.         In view of above compromise, arrived at between the parties, this appeal stands disposed of. The respondents shall make payment of an amount of Rs.7,76,775/- to the appellant within one month from today. If the respondents failed to do so, they shall be liable to make payment of Rs.1 Lac towards compensation. If the entire amount i.e. the principal amount plus compensation is not paid within two months from today, the said amount shall incur interest @9% per annum till such time, the payment is not made.

6.         Certified copies of this order be sent to the parties, free of charge.

7.         File be consigned to the Record Room after completion.

Pronounced

November 30, 2015.

[JUSTICE JASBIR SINGH (RETD.)]

PRESIDENT

 

 

 

(DEV RAJ)

MEMBER 

 

 

 

(PADMA PANDEY)

      MEMBER

 Ad