LAWS(NCD)-2002-4-55

ANUMATI Vs. PUNJAB NATIONAL BANK

Decided On April 15, 2002
ANUMATI Appellant
V/S
PUNJAB NATIONAL BANK Respondents

JUDGEMENT

(1.) THIS revision petition has arisen out of the order of the State Commission, Uttar Pradesh, which, in turn, dismissed the order of the District Forum.

(2.) BRIEFLY the facts of the case are as follows. The complainant along with her husband put in fixed deposit a sum of Rs. 20,000/- bearing receipt No. Q.D.O. 330945 for a period of 84 months on 31.5.1988 with the respondent Bank in joint names. The Fixed Deposit matured on 31.5.1995. It was the case of the respondent that the husband of the petitioner stood as guarantor for M/s. Verma Agro Industries, who took loan and mortgaged the fixed deposit. As the debtor did not return the loan, the respondent Bank adjusted the fixed deposit against the loan. The contention of the complainant is that the respondent has no right to adjust her half share in the fixed deposit as she is the joint holder of the fixed deposit. The District Forum after having adverted to the contentions passed the following order :

(3.) WE are in complete agreement with the view expressed by the State Commission. Moreover, it has been held by this Commission in a catena of judgments that the financial institutions have every right to protect their interests by taking conscious decisions. In this case also the Bank has taken a conscious decision, which cannot be faulted. In view of what has been discussed above we find no deficiency in service on the part of the Bank and we uphold the order of the State Commission. The revision petition is dismissed.