LAKHWINDER SINGH Vs. PUNJAB AND SIND BANK

JUDGEMENT

(1.) VERSION of the Appellant Lakhwinder Singh appellant had taken the loan amount of Rs. 2 lacs from the respondent bank in the year 2005 bearing loan account No. 113/47. No pass book for the loan account was issued by the respondent bank to the appellant. The loan was to be repaid by the appellant in monthly instalments of Rs. 2000 each with interest at the rate of 8% per annum. The appellant had started making the payment of monthly instalments and continued making payment till March, 2009.

(2.) IT was further pleaded that apart from these monthly instalments, the appellant had also deposited an amount of Rs. 1,63,701 in lump sum in March, 2009 and again deposited Rs. 10,000 near about the same time. Accordingly, the amount of Rs. 1,73,701 was credited in the loan account of the appellant as per statement of account issued by respondent No. 1.

(3.) IT was further pleaded that thereafter the appellant deposited one more instalment of Rs. 2,000 on 19.3.2009. When the appellant approached respondent No. 1 for depositing next instalment, he was told that functioning of respondent bank was suspended due to embezzlement in the bank branch for which an inquiry was going on. Therefore, no instalment could be deposited. The appellant again contacted respondent No. 1 three times after an interval of about one month each for deposing monthly instalments but the same reply was given to him each time.