CHATUR BEHARI SHARMA Vs. IDBI BANK LTD

JUDGEMENT

(1.) THIS revision petition has been filed by the petitioner against the order dated 09.09.2013 passed by State Consumer Disputes Redressal Commission, Delhi (in short, 'the State Commission ') in Appeal No. 483 of 2011 - Chatur Behari Sharma Vs. IDBI Bank Ltd. by which, while dismissing appeal, order of District Forum dismissing complaint was upheld.

(2.) BRIEF facts of the case are that complainant/petitioner purchased a DV account bond from the OP on 26.2.1992 for Rs.2700/ -. Against the bond, OP undertook to pay Rs.1,00,000/ - to the complainant on 31.3.17. Complainant as well as OP, both, had option to encash/redeem the bond only at the end of each 5 years w.e.f. 31.3.91 for the face value given therein. Complainant further alleged that he received letter dated 29.4.2009 from OP that OP had exercised call option on 31.3.2002 by issuing the redemption notice to the complainant on 30.9.01 to surrender duly discharged bond for release of Rs.12,000/ - and redemption amount is still lying with the OP. Complainant denied receipt of notice and asked OP to pay him face value of the bond of Rs.25,000/ - as due on 31.3.2009. OP informed the complainant that complainant may be paid interest @ 3.5% p.a. on quarterly compounding basis on the redemption amount of Rs.12,000/ - from 31.3.2002 date of exercising option, but complainant refused. Alleging deficiency on the part of OP, complainant filed complaint before District Forum. OP contested the complaint and submitted that intimation was given to the complainant under certificate of posting informing him to surrender the bond by 31.12.2001 for receiving the value and further intimated that no interest will be payable after 31.3.2002. It was further submitted that this intimation was published through various newspapers. Denying deficiency, OP prayed for dismissal of complaint. Learned District Forum after hearing both the parties dismissed complaint against which, appeal filed by the petitioner was also dismissed by impugned order against which, this revision petition has been filed.

(3.) PERUSAL of record reveals that OP exercised option for redemption of bond and intimation was given to the complainant under certificate of posting and redemption notice was also published in various newspapers. Learned District Forum while dismissing complaint observed as under: