ICICI BANK LTD. Vs. GHANSHYAM SHARMA

JUDGEMENT

(1.) BRIEF facts giving rise to this appeal are, that respondent got Tata 207 vehicle bearing registration .No. HP -66 -0399 financed from the appellant. He claims to have deposited Rs. 70,000 as margin money and the balance amount was financed by the appellant. Stand of the appellant in this behalf is, that finance provided by it was in the sum of Rs. 2.90 lacs, and Rs. 70,000/ - was deposited by the respondent as margin money. This amount was payable in 47 equated monthly installments commencing from 1.10.2003.

(2.) RESPONDENT admits that he was in default of the payment of installments due on 1.10.2003, 1.3.2005 and 1.12.2005. Further according to him on 24.3.2006 when the vehicle was parked at Manikaran Chowk at Bhunter, in the morning at about 8:00 AM, 5 -6 men of the appellant came and forcibly took possession by asking the driver to get down. His further case is that at this juncture he offered Rs. 16,000/ - in cash, but these 5 -6 persons did not accept this amount as according to them cash transaction was not permissible. Respondent claims to have made attempt by approaching the appellant to return the vehicle, but without any result.

(3.) DISTRICT Forum below after coming to the conclusion, that this is a case of forcible repossession of the vehicle by the appellant negatived plea to the contrary that it was voluntarily surrendered by the respondent. It further came 248 2009(Supp1.) Cur.L.J.(H.P.) to the 'conclusion as a question of fact, that against the total cost of the vehicle Rs. 3.53 lacs out of which appellant paid Rs. 70,000/ - as margin money, a sum of Rs. 2.86 lacs had been paid by him against receipts. Thus only Rs. 67,000/ - was due and outstanding payable by the respondent. In this background complaint was allowed and appellant was directed to pay Rs. 3 lacs alongwith interest @ 9% per annum from the date of institution of the complaint till payment alongwith costs of Rs. 2000/ -. Hence this appeal.