SATNA SYNDICATE BANKER Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) In Original Petition No.74of 1992 the Complainant has alleged that after adjustment of its Overdraft Account with the Opposite Party Bank a sum of Rs. 12,45,481.48 was outstanding in the credit account of the Complainant and that the said amount should be refunded to the Complainant along with interest at l8%from 15.12.1981 till the finalisation of the account. In addition he has claimed compensation of Rs. 40,15,508/ - for loss of business, reputation, injury and hardship caused to the complainant by the failure of the Opposite Party Bank to comply with the instructions of the Complainant for months together to close down prematurely the Money Multiplier Deposit Scheme (MMDS) on 22nd September, 1989 but it was actually closed on 15th December, 1989 arbitrarily, uniflaterally without lawful authority etc. and adjusted against the Overdraft Account.

(2.) Original Petition No.76 asked for directions to be given to the Opposite Party Bank to recalculate the entire Overdraft Account in the light of the instructions of the Reserve Bank of India, also recalculate the Overdraft Account in respect of the overdraft availed and the interest payable thereon etc.

(3.) We have gone through the complaint petition and the reply of the Opposite Party and also heard the Counsel for the parties. We find that the case is quite complex and complicated, facts extending over a long period, are in dispute requiring considerable oral and documentary evidence which can only be appropriately adduced and adequately dealt with by a Civil Court.