CHANDESHWAR PD SINGH Vs. BHOLA PD SINGH

JUDGEMENT

(1.) this appeal has been preferred by the opposite party against the order dated 15.7.2003 passed by the District Forum, Nawadah whereby a direction has been given to the appellant-Bank to pay the amount of fixed deposit of the complainant of Rs.50,000/- with 8.5% annual interest till the date of its payment and has further directed to pay a sum of Rs.2,000/- as compensation on account of deficiency on the part of the Bank-appellant.

(2.) The learned appellant's Lawyer submitted that there is no dispute to the fact that complainant has made a fixed deposit of Rs.50,000/- on 22.10.1999 and it has matured on 23.5.2002. The interest payable on this amount was @ 8.5% per year. Some allegation of defalcation was made against the staff of the Bank; therefore, the maturity amount of the complainant was not paid on the date of its maturity. The appellant-Bank is ready to pay the principal amount with 8.5% annual interest as mentioned in the fixed deposit certificate. The prayer is that the Bank has now to pay interest at the above rate till the date of payment; therefore, the Bank has already been punished for delayed payment. The delay in payment was due to some unavoidable reason as mentioned above. Therefore, there was no deficiency on the part of the Bank. If this part of the order is not set aside, it will amount double punishment to the Bank. The learned appellant's Lawyer submitted that his only prayer is that this part of the order be set aside.

(3.) The learned Lawyer appearing on behalf of the respondent submitted that delayed payment of the maturity amount amounts to deficiency on the part of the bank. Since the order has been made to make payment of the interest @ 8.5% till the date of payment by the Bank, he is not seriously pressing for the amount of Rs.2,000/- awarded on account of deficiency on the part of the Bank.