INDUSIND BANK Vs. AMRIK SINGH

JUDGEMENT

(1.) The complainant, who is petitioner in RP No. 1658 of 2014, purchased a truck and got the said truck financed from Indusind Bank, petitioner in RP No. 1452 of 2014 to the extent of Rs 10.2 lacs. The truck, according to the complainant, was worth Rs.12 lacs at the time it was purchased. There was default in payment of the loan taken by the complainant from the bank. The vehicle, according to the complainant was forcibly repossessed by the bank in March 2008. The vehicle was later sold by the bank for a price of Rs 4.55 lakhs on 20.11.2008. The complainant approached the concerned District Forum by way of a consumer complaint filed on 22.10.2009.

(2.) The complaint was resisted by the bank which inter-alia stated in its written version that the complainant having defaulted in payment of the loan taken by him the bank officials approached him for demanding the outstanding amount. At that time the complainant expressed his inability to pay the outstanding amount and surrendered the vehicle to the bank on 19.06.2008 by way of a surrender letter duly signed by him. The vehicle was sold for Rs.4,55,000/- on 20.11.2008.

(3.) The District Forum having dismissed the consumer complaint the complainant approached the concerned State Commission by way of an appeal. Vide impugned order dated 30.09.2013 the State Commission allowed the appeal and directed the bank to pay compensation quantified at Rs. 3 lacs to the complainant. Being aggrieved from the order passed by the State Commission both the parties are before this Commission. The bank is challenging the award of the compensation, whereas the complainant seeks enhancement.