UNION BANK OF INDIA Vs. AJAIB KUMAR

JUDGEMENT

(1.) THIS revision petition by the petitioner/opposite party No. 4 is directed against the order dated 15.10.2001 of the Consumer Disputes Redressal Commission, Chandigarh dismissing Appeal No. 1188 of 1999 preferred against the order dated 20.9.1999 of the Consumer Disputes Redressal Forum, Faridkot.

(2.) COMPLAINT was filed by the respondent, inter alia, alleging that he purchased fixed deposit receipt for Rs. 21,600/- from the petitioner on 18.3.1978. Simultaneously, respondent opened a Saving Bank Account and issued specific instructions to petitioner-Bank that the interest accruing on FDR be credited in that account. FDR was got renewed for a period of one year on 15.5.1980. It was further alleged that respondent visited the Bank about an year before his filing of complaint for release of the amount of said FDR along with interest upto date but he was told that he had kept the FDR under lien with the Bank towards guarantee issued in favour of some Malhotra's of Faridkot. It is asserted that respondent had not kept the FDR under lien nor had he connection with any Malhotra's. After FDR was renewed on 15.5.1980, it was kept in the custody of petitioner. Respondent is entitled to the refund of the amount of FDR in question along with interest accruing thereon.

(3.) PETITIONER contested the complaint by filing written version. It was admitted that FDR for Rs. 21,600/- was taken by the respondent on 18.3.1978 and same was got renewed for one year on 15.5.1980. It was, however, alleged that complaint is barred by limitation, that FDR was kept by the respondent under lien towards guarantee issued in favour of Excise Commissioner, Delhi on behalf of M/s. Ramji Das and Company in the year 1978 and during continuance of lien over the FDR, the respondent was not entitled to claim principal amount as also interest accruing thereon.