SHRIKANT G. MANTRI Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The present appeal filed by the appellant­ complainant challenges the judgment and order dtd. 1/6/2016, passed by the National Consumer Disputes Redressal Commission, New Delhi (hereinafter referred to as "the Commission ") in Consumer Complaint No.55 of 2006, thereby holding that the appellant­-complainant was not a consumer as envisaged under Sec. 2(1)(d) of The Consumer Protection Act, 1986 (hereinafter referred to as "the said Act "). As such, by the impugned judgment and order, the complaint of the appellant has been dismissed being not maintainable.

(2.) The facts in the present case are not in dispute. The bare necessary facts for adjudication of the present appeal are as under:

(3.) The appellant­-complainant had opened an account with erstwhile Nedungadi Bank Limited (hereinafter referred to as "the erstwhile Bank ") in the year 1998. The appellant is a stock­-broker by profession. The appellant had applied for an overdraft facility on 25/4/1998, in connection with his day-­to­-day share and stock transactions. It is not in dispute that the said overdraft facility was sanctioned by the erstwhile Bank to the appellant­-complainant initially for an amount of Rs.1.00 crore, for which the appellant­-complainant had pledged certain shares worth more than Rs.1.00 crore, as security as per the margin requirements specified by the erstwhile Bank. Subsequently, in the year 1999, the appellant­-complainant applied for enhancement of the said overdraft facility. The said overdraft facility was enhanced by the erstwhile Bank from Rs.1.00 crore to Rs.5.00 crore, vide its letter dtd. 13/12/1999.