Haryana

Ambala

EA/42/2013

M/S INDUSIND BANK LTD. - Complainant(s)

Versus

SHIV PARSAD YADAV - Opp.Party(s)

ASHUTOSH AGGARWAL

28 Jul 2015

ORDER

                                                                                       M/s Indusind Bank Vs.Shiv Prasad Yadav etc.

Exe. No.42 of 2013

CORAM:        SH. A.K.SARDANA, PRESIDENT.

                        SH. ANIL SHARMA, MEMBER.

 

Present:           Sh. Ashutosh Aggarwal, Advocate for applicant/DH.

                        None for Respondent No.1/JD No.1.

                        Ms. S. Rashmi Sharma, Advocate for respondent/JD No.2.

ORDER:

                        This order of Forum shall dispose of the present Execution Application filed by applicant-Indusind Bank Ltd., Ambala City against Shiv Prasad Yadav & National Insurance Company Ltd., Ambala Cantt i.e. respondents alongwith Misc. Application dated 29.04.2015 moved by respondent No.2 i.e. National Insurance Company for dismissal of the present execution petition as the amount under award has already been disbursed to the applicant-bank.

                        Brief facts of the present execution  application are that the applicant-bank approached this Forum after passing of an order dated 12.07.2013 in Revision Petition No.3611 of 2012 preferred by the bank before Hon’ble National Consumer Disputes Redressal Commission, New Delhi wherein the respondent no.2 i.e. National Insurance Company Ltd. has categorically stated that “the respondent No.2 Insurance Company has no objection, if the payment is released to the  petitioner bank with the consent of claimant Shiv Prasad Yadav after compliance of usual claim required”.

                        Notice of the execution application served upon the respondents whereupon respondent No.2  i.e. Insurance Company appeared through counsel and tendered statement that they have no objection in disbursing the payment of claim directly to the applicant-bank  in compliance of order dated 29.08.2011 of this Forum read with order dated 12.07.2013 of Hon’ble National Consumer Disputes Redressal Commission, New Delhi subject to no objection by Shiv Prasad Yadav-complainant/DH and  further providing of affidavit regarding  sale of vehicle in question in favour of Insurance Company by the complainant Shiv Prasad Yadav, his identity proof such as ration card etc. and copy of R.C., NOC & NTC  of police authorities etc.  Accordingly, Shiv Prasad Yadav complainant/DH (now respondent no.1) also appeared before the Forum in compliance of the notice issued to him under Section 27 of the C.P. Act and also tendered statement that he has no objection, if insurance company directly releases awarded amount to the applicant-bank  in compliance of order dated 29.08.2011 of this Forum read with  order dated 12.07.2013 passed in Revision Petition No.3611 of 2012 by Hon’ble National Consumer Disputes Redressal Commission, New Delhi  and he will never file any claim  or objection qua  said disbursement  and will also submit  all the requisite papers to the respondent No.2-insurance company. During the proceedings of the present execution,  the respondent No.1 Shiv Prasad- DH completed all the formalities in favour of insurance company and the insurance company also disbursed a sum of Rs.2,44,740/- vide cheque No.590936 dated 13.01.2014 and a sum of Rs.5000/- vide cheque No..590951 dated 13.11.2014 in favour of the applicant-bank and moved an application for dismissal of the present execution being satisfied.  But the counsel for the  applicant-bank submitted reply to the misc. application  moved by the insurance company whereby he has claimed a balance amount of Rs.1,06,054/- still standing due against the insurance company vide reply dated 16.07.2015.

                        Heard.  During the course of arguments, counsel for the applicant-bank drawn our attention towards final order dated 01.04.2015 passed by the Hon’ble National Consumer Disputes Redressal Commission, New Delhi in above referred Revision Petition No.3611 of 2012 whereby the Hon’ble National Commission  has disposed off the present revision petition being compromised in terms of the Memorandum of Understanding arrived at between the parties which has also been placed  on file by the applicant Bank’s counsel and taken on record by the Forum  as Annexure A-1 whose relevant paras are  reproduced as under:-

2.         “That the party No.2 had filed a consumer complaint against the National Insurance Co.  and Hon’ble Forum has passed an order directing National Insurance Company to pay a sum of Rs.2,44,740/- i.e. 75% of the insured declared value (IDV) amount with 8% interest P.A. from 09.02.2010 till its actual payment and Rs.5000/- as compensation which come totally Rs.2,98,690/- (Rs.2,44,740/- as insured amount and Rs.48,950/- interest from 09.02.2010 to 10.10.2012 and Rs.5000/- as compensation).

3.         That the party No.2 agreed and have no objection if insurance company pay the abovesaid awarded amount i.e. (Rs.2,98,690/-) directly to Indusind Bank Ltd. against the liability of Shiv Prasad Yadav in Contract No.HA001593H. That the Party No.2 has paid a sum of Rs.25,000/- (Rs.Twenty five thousand only) on 02.05.2013 as the partial settlement amount and remaining payment of Rs.298690/- shall be paid by National Insurance Company to IndusInd Bank Ltd.

4.         That it is agreed between the parties that in case the insurance company failed to pay the abovesaid awarded amount to bank or pay less than said amount of Rs.2,98,690/- within a period of two months from the date of execution of the present MOU in that case the party No.2 shall pay the entire balance outstanding amount to the party No.1 on or before 03.08.2013”.

 

Sd/-                                                                             Sd/-

 The Party No.1                                                           The Party No.2

Indusind Bank Ltd.                                                      Shiv Parsad Yadav.

 

                        On perusal of the aforesaid paras of MOU, it is very clear that Respondent No.1 Shiv Prasad Yadav-DH/complainant (now party No.2 in the MOU) have no objection, if insurance company pays awarded amount of Rs.298690/- in compliance of order dated 29.08.2011 of this Forum directly to the Indusind Bank Ltd. against liability of Shiv Prasad Yadav in contract No.HA001593-H as the party No.2 has already paid a sum of Rs.25,000/- on 02.05.2013 to the bank as partial  settlement amount.  So, as per this MOU executed between applicant-bank and respondent No.1,  respondent No.2 has paid a sum of Rs.2,49,740/- directly to the applicant-bank on behalf of respondent No.1 i.e. Shiv Prasad Yadav, and thus an amount of Rs.48,950/- is  due to be paid  by the insurance company to the applicant-bank though as per award/order dated 29.08.2011 passed by this  Forum, the insurance company  is liable to pay  interest at the  rate of 8% per annum  on 75% of the insured amount of Rs.2,44,750/- w.e.f. 09.02.2010 till its actual realization which  comes to much more than Rs.48,950/- if calculated as per  terms of the award but as per terms of the MOU the respondent No.2 insurance company is liable to pay only a sum of Rs.48,950/- to the applicant-bank directly on behalf of Shiv  Prasad Yadav.

                        In view of the above discussed facts, we are of the confirmed view that the applicant-bank is entitled to a sum of Rs.48950/- from the Respondent No.2 insurance company as per the order dated 01.04.2015 passed by Hon’ble National Consumer Disputes Redressal Commission, New Delhi in Revision Petition  No.3611 of 2012. Therefore, we order accordingly and direct the insurance company to pay a sum of Rs.48,950/- within 30 days from the communication of this order otherwise the applicant bank shall be entitled to invoke the jurisdiction of this Forum for getting the said order  enforced under due provisions of C.P. Act. As such, both the applications i.e. execution application preferred by the applicant-Bank as well as misc. application moved by the respondent No.2-insurance company are disposed of accordingly.  Copy of the order be sent to the parties concerned, free of costs, as per rules.  File after due compliance be consigned to record room.

 

Announced: 28/07/2015                                  Sd/-                                                  Sd/-

                                                                   (A.K.SARDANA)                     (ANIL SHARMA)

                                                                       PRESIDENT                                  MEMBER