Orissa

Jharsuguda

CC/30/2015

Natwarlal Agrawal S/O-Radheshyam Agrawal - Complainant(s)

Versus

The Branch Manager,UCO Bank,Jharsuguda - Opp.Party(s)

A.K.Sahoo

28 Oct 2015

ORDER

 

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, JHARSUGUDA

 

CONSUMER COMPLAINT CASE NO. 30 OF 2015

Natwarlal Agrawal,

S/O- Radheshyam Agrawal,

RO: Marwaripara, PO/PS: Jharsuguda,

Dist: Jharsuguda, Odisha……………………..……….………………Complainant.

     

Versus

 

1. The Branch Manager,

UCO Bank,Jharsuguda,

At-Mangal Bazar Road,

Po/PS/Dist- Jharsuguda, Odisha.

 

2. The Chief Officer (SPC-1),

UCO Bank, Zonal Office, At- 18/1, Ainthapali Road,

PO: Budharaja, Dist: Sambalpur, Odisha…....………………………..Opp. Parties.

 

Counsel for the Parties:-

For the Complainant                                  Shri A.K.Sahoo, Adv. & Associates.

For the Opp. Parties                                 Shri K.C.Agrawal, Adv &. Associates.

 

Date of Order: 28.10.2015

Present

                                            1. Shri S.L.Behera, President.

                                            2. Smt. A. Nanda, Member.

 

Smt. A.Nanda, Sr. Member:-  The brief facts of the complaint case are that, the complainant is a business man and for his personal use purchase a computer on availing loan of Rs.29,000/- from the Branch Manager, UCO Bank, Jharsauguda branch which was to be repaid in 36 nos. of monthly installments. The complainant has also having his current account vide No.647C/1 in the said Bank where from 7 nos of installment were deducted but thereafter no amount was deducted.  The complainant stated to have pledged the LIC policy also with the O.PBank and he was in impression that the monthly installment were deducted from his current account but subsequently on dt. 30.01.2015 when he got information that LIC policy pledged by him was closed and the maturity amount was paid to the O.P. Bank by LIC of India Jharsuguda branch and the complainant protested the said unilateral act of the Bank, but the same was ignore, hence this complaint alleging deficiency in service on the part of O.PBank and prayed before this forum for a direction to the O.P to repay the policy value amounting to 50,000/- and compensation etc.   

 2.           On being noticed the O.Ps appeared through their advocate concerned and contested the case, denied to have rendered any deficiency in service, admitted to have provide personal loan of Rs.29,000/- which are to be paid in 36 nos. of monthly installment  @  Rs.963/- per month which are to be  debited from his current account lying in the bank. It is also admitted that the loan was secured by assignment of LIC policy Bond pledged with it.  The O.P.Bank stated that the complainant had paid 6 to 7 monthly installment as to his convenient in the loan account and thereafter stopped operation in the current account without any further deposit and the loan account become grossly irregular and classified as NPA.  The complainant fails to pay the monthly installment of loan with stipulated period.  The O.P. Bank thereafter claim to have sent a demand notice on dt. 17.11.2014 to the complainant calling upon him to pay the outstanding dues in the loan account failing which the Bank will recovered the loan amount by enforcing the security.  But the complainant did not repay the loan amount.  The O.P. bank further stated that when the outstanding dues amount accumulated to Rs.59,120/- as on 19.12.2014 excluding interest and other charges, the O.P bank by exercising its right of set off and right of General Lian on the security viz the LIC Policy Bond in his favour has set off the surrender value of the assigned LIC policy amounting to Rs.49,841/-  receipt from LIC of India, Jharsuguda branch on dtd. 19.12.2014 leaving behind a further sum of outstanding dues of Rs.9,279/- payable by the complainant to the O.P. Bank. Accordingly the O.P. Bank denied to have rendered any deficiency in service in respect to the complainant and prayed for dismissal of the complaint. 

3.        We have gone through the complaint petition, written version along with the relied document especially filed by the O.PBank.  We do not find any irregularities made by the Bank in exercising its right of set off and right of General Lian on the security.  We have also verified the demand notice dtd. 17.11.2014 issued in the name of the complainant demanding the outstanding dues in respect to the loan account.  The statement of account in respect to the current account of the complainant are also in the record.  The complainant has not disputed the document relied on by the O.Ps in writing or by producing any other evidence whatsoever.

4.         In view of above discussion, we do not found any deficiency in service on the part of O.P. Bank in the whole scenario of the loan transaction , hence this case is dismiss with no order as to costs.

            Accordingly the case is disposed of.

Order pronounced in the open court today the 28^th day of October’ 2015 and copy of this order shall be supplied to the parties as per rule.

          I Agree.                                                                                                

                                         

S. L. Behera President                                     A.Nanda, Member (W)                                                                         

Dictated and corrected by me

 

   A.Nanda, Member (W)