PHILIPKUTTY JOSEPH Vs. BRANCH MANAGER CATHOLIC SYRIAN BANK

JUDGEMENT

(1.) This appeal is directed against the order dated 18.10.2001 passed in O. P. No.282/2000 by the District Consumer Disputes Redressal Forum, Pathanamthitta. The appellant is the complainant.

(2.) Facts, absolutely necessary for deciding the issues arising for consideration may briefly be stated here. The complainant had availed of a loan of Rs.8,000/- from the opposite party Bank by pledging his National Savings Certificate worth Rs.10,000/-. On 25.11.1996 when the complainant approached the opposite party Bank for settling the transaction, Bank was not ready to return the National Savings Certificate, on the ground that the National Savings Certificate has been lost irrecoverably from their custody. However the Bank promised that a duplicate certificate could be made available, that thereafter the loan amount need to be paid and that the Bank will not charge any interest on the loan amount for the period from 25.11.1996. On 28.11.1996, the Bank and the complainant jointly filed an application before the Postmaster, Head Post Office, Kottayam for issuing duplicate certificate and accordingly a duplicate certificate was issued. When the complainant approached the Bank to receive the duplicate certificate, Bank demanded the payment of the loan amount with interest up to 25.11.1996. The date of maturity of the certificate was 9.6.1999 and the eligible amount was Rs.20,150/-. The relief claimed by the complainant is to give a direction to the Bank to return the duplicate copy of the National Saving Certificate after receiving the loan amount with interest up to 25.11.1996 and to pay to the complainant interest on the amount of Rs.20,150/- (eligible amount of National Savings Certificate) with 12% interest from 9.6.1999, the date of maturity of the certificate till the date of returning the duplicate certificate.

(3.) In the written version filed by the opposite party Bank the following facts not disputed. Complainant obtained a loan of Rs.9,000/- from the Bank after pledging the National Savings Certificate. That certificate was lost from the Bank and the complainant and the Bank jointly filed an application for duplicate copy from the Post Office. Opposite party contended that Bank requested the complainant to deposit the loan amount with interest and to close the transaction and that the duplicate certificate would be returned as and when obtained. But the petitioner was not ready to repay the loan amount with interest to the Bank. It denied the allegation that the complainant was ready to repay the loan amount with interest to Bank on 25.11.1996. The complainant is not entitled to realise any interest from the Bank and prayed for dismissal of the complaint.