KOPUSETTI BHANU PRASAD Vs. ICICI BANK

JUDGEMENT

(1.) AGGRIEVED by the order of the Distt. Forum granting inadequate compensation, the complainant preferred this appeal.

(2.) THE case of the complainant in brief is that respondent bank issued a sale notice for Bajaj two -wheeler motor cycle bearing No. AP 5AJ 7583. He participated in the auction, became the highest bidder for Rs. 34,000. Pursuant to the purchase a sale letter dated 21.3.2005 was issued. Later the vehicle was handed over to him with a request to approach the bank after three days for receiving the documents however, the bank did not return the documents on one ground or the other. He borrowed amounts from his friends and relatives at an exorbitant rate of interest of 24% p.a. for its purchase. He could not use the motor cycle to attend to his duties as the documents of the motor cycle were not returned. He incurred loss of Rs. 50,000 as he could not attend to his job work. He got the motor cycle repaired by spending an amount of Rs. 5,000. Therefore, he filed the complaint for returning the original documents of the motor cycle, besides Rs. 50,000 towards loss incurred by him, Rs. 5,000 towards repairing charges, and Rs. 1 lakh towards damages with costs.

(3.) THE respondent bank did not choose to contest despite receipt of notice, and therefore it was set ex parte.