RAMCHANDRA BUNGLOW Vs. LIQUIDATOR AND ORS

JUDGEMENT

(1.) SHRI Balkrishna Ramchandra Tavse, complainant/petitioner was the Managing Director of Ichalkaranji Urban Co -op Bank Ltd.. He resigned from the said post on 24.4.2006. The petitioner deposited various amounts with the Ichalkaranji Urban Co -op Bank Ltd. while he was in service. Those amounts were deposited from 24.4.2007 to 1.2.2008 in intervals. The total amount deposited by the petitioner came to Rs.11,52,000/ -. All those amounts were deposited in Fixed account with different rate of interest.

(2.) ON the day he resigned from the bank i.e. on 16.4.2008 itself, the complainant raised a loan against the said deposits amounting to Rs.10 Lakh. As per the rules, the loan against the Fixed Deposits was permissible upto the limit of 75% and in exception circumstances, upto the limit of 90% of the loan. The petitioner also moved an application to the bank with the request to adjust the loan amount against his Fixed Deposits. Thereafter, the bank went into liquidation and the liquidator was appointed.

(3.) THE petitioner filed a complaint before the District Forum with the following prayers: -