AMITAVA ACHARJEE Vs. PUNJAB NATIONAL BANK & ANR

JUDGEMENT

(1.) THE short facts of the case are that the complainant alongwith his deceased his wife Mondira Acharjee had obtained a housing loan from respondent -1 Punjab National Bank, and the amount of loan is insured by OP -2 Oriental Insurance Co. Ltd. vide a policy, copy of which is available on the record. On 29.12.08, the wife of the complainant expired in a road accident, and the respondent -1 bank invoked the policy to respondent -2 Oriental Insurance Co., in turn whereof, the OP -2 took 14 months to make a payment of Rs. 8,28,412/ -, which were paid on 12.2.10 being 50% of amount outstanding on 29.12.08, the date of cause of action. The complainant s grouse is that the respondent -2 insurance company had insured the liability of outstanding bank loan amount, and the delay of 14 months in making the payment, amounts to deficiency of service. The complainant had suffered interest on the said sum for all these 14 months, and suffering pendentilite interest on the liability of OP -2, and his prayer is that the respondent be directed to pay him Rs. 115393.10 on account of losses and pendentilite interest @ 24% till the actual date of realization.

(2.) THE District Consumer Forum dismissed the complaint of the complainant on the ground that nothing was provided in the policy that the OP -2 insurance company was bound to pay the amount Rs. 8,28,412/ - within the stipulated period.

(3.) THAT is what brings the appellant in appeal before this Commission.