GADHA THACHAPPILLY Vs. HDFC BANK AND ORS.

JUDGEMENT

(1.) The petitioner is stated to be the present owner of a property, which was originally owned by Sri.A.G.Vijesh, who is now no more, and on the strength of whose Will she obtained the said rights.

(2.) According to the petitioner, Late A.G.Vijesh had availed of a loan from the respondent-Bank after equitably mortgaging the property in question and had secured it with a Life Insurance Policy taken from the 4th respondent-Insurance Company with the said Bank as the Master Policy Holder and that when he unfortunately died, the Bank is entitled to receive the entire amounts under the said policy, thus obtaining liquidation of the loan liability and consequently freeing the property of all charges on it. She says that the 1st respondent-Bank has, however, not made any requisition to the Insurance Company and therefore, that this Court direct them to do so within a time frame.

(3.) In answer to the above submissions, Sri.K.J.Saji Issac-learned Standing Counsel for the 4th respondent-Insurance Company, submits that a policy to cover the loan liability of Late A.G.Vijesh is admitted by his client but that they have not processed any claim under it because no one, including the legal heirs of Late A.G.Vijesh or the Bank, has approached them with a claim until now. He adds that if a proper claim is made by the legal heirs of Late A.G.Vijesh or at least by the 1st respondentBank, the same can be considered in terms of law and subject to the policy conditions.