DODDABALLAPUR SPINNING MILLS Vs. THE BANKING OMBUDSMAN

JUDGEMENT

(1.) The petitioner is before this Court seeking for the following reliefs;

(2.) The petitioner is a current account holder of the respondent No.2-Bank, on 31/3/2010 the petitioner secured/purchased a demand draft for sum of Rs.50.00lakhs in the name of one Sri.P.Bache Gowda towards payment to be made to him on account of certain transactions between the petitioner and Sri.P.Bache Gowda. The agreement for sale between the petitioner and the said Sri.P.Bache Gowda having been terminated, the amount received by the Petitioner was sought to be refunded by way of the said demand draft. Sri.P.Bache Gowda did not accept it and a suit for specific performance was filed.

(3.) After much time taking note that the demand draft had expired the petitioner approached the respondent No.2-Bank, on 19/7/2018 with the original demand draft, requesting the bank to cancel the demand draft and credit the amounts into his current account.