AKSHAY GUPTA Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) This is a classic case where wisdom dawned upon the three parties in a commercial arrangement to settle the dispute amicably, of course, with a little effort by the Court. The three parties, being the borrower/flat owners, the builder and the Bank - the lender. Under the agreement between the parties, there were respective obligations on each of the parties to be fulfilled, in which there were defaults at the end of each of the parties to some extent. The present appeals have been preferred under sec. 23 of the Consumer Protection Act, 1986 against the common judgment and order dtd. 2/1/2023 passed by the National Consumer Dispute Redressal Commission [NCDRC] rejecting the consumer complaints of the appellants (Flat buyers). The relief claimed in the complaints before the NCDRC was for quashing of the loan recall notice issued by the Bank alleging unfair trade practices and violation of Reserve Bank of India [RBI] guidelines.

(2.) We need not mention detailed facts as the same have been appropriately recorded in two orders of this Court dtd. 23/10/2024 and 6/11/2024. In the order dtd. 23/10/2024, broadly, the settlement had been arrived at, however, instructions were to be taken on certain issues, for which time was granted. Finally, in the order dtd. 6/11/2024 all the terms of the settlement with respect to all the four appeals had been recorded. Both the orders as such are reproduced hereunder: -

(3.) When the matter was taken up on 9/1/2025, learned counsel for the parties had informed us that all the directions contained in order dtd. 6/11/2024 have been complied with by the parties. Accordingly, two weeks' time was granted to the appellants to file the relevant documents relating to proof of deposits and the No Dues Certificate to be issued by the Bank to enable the Court to pass the final orders and conclude the proceedings. All the four appellants filed their affidavits before 23/1/2025 when orders were reserved.