KISAN Vs. ICICI BANK LTD

JUDGEMENT

(1.) Kisan, the complainant/petitioner, purchased a Tractor through Om Jai Trading Company, respondent No. 2/OP No. 2, whereas the Tractor was financed by ICICI Bank, respondent No. 1/OP1 for an amount of. Rs. 3,70,000, It was agreed that EMI shall be payable at every six months of the amount of Rs. 45,000. The above said transaction took place on 28.8.2006. The petitioner deposited Rs. 30,443 on 26.2.2007, Rs. 44,500 on 16.10.2007 and Rs. 500 on 31.10.2007. In the meantime, the Government implemented the Scheme for improving the condition of the farmers, who were under the burden of the huge loan to exempt some part of the loan. Pursuant to that Scheme, the parties executed a Promissory Note to that effect and as such, a loan of Rs. 20,000 was waived by the opposite party No. 1/respondent No. 1. The payment schedule was also re-cycled. In that Schedule, the petitioner was to deposit Rs. 31,000 and further agreed that on the next due dates, i.e. 30.9.2008,31.3.2009 and 30.6.2009, he would deposit the remaining installments and it was also agreed that in case he fails to deposit the installments, he would not be considered for the benefit of exemption of loan amount.

(2.) As the petitioner failed to deposit the next installment, therefore, his vehicle was allegedly, illegally seized. The complainant approached respondent No. 1 but it did not respond to his requests. The complainant was informed that after payment of full amount, his vehicle would be released.

(3.) Thereafter, the complainant approached the District Forum on the ground of unfair trade practice committed by respondent No. 1. The District Forum dismissed the complaint. The State Commission dismissed the appeal.