HDFC BANK LTD. Vs. R. GOVARDHAN REDDY

JUDGEMENT

(1.) The complainant/respondent purchased a tractor for a consideration of Rs.6,01,100/-, to earn his livelihood. He made down payment of Rs.1,38,100/- and the balance amount of Rs.4,63,000/- was paid by raising a loan of Rs.4,63,000/- from the petitioner-bank. The loan amount was agreed to be paid in half yearly installments of Rs.55,800/- during the period from January 2009 to December, 2011.

(2.) The case of the complainant is that in February 2012, the petitioner forcibly seized the vehicle in question in his absence and without giving any notice to him. When he approached the petitioner-bank for release of the vehicle they required him to pay the entire loan amount. Alleging deficiency in service on the part of the petitioner, he approached the concerned District Forum by way of a complaint, seeking the following reliefs:

(3.) The complaint was resisted by the petitioner-bank primarily on the ground that since the complainant was irregular in making payment of the loan taken by him he surrendered the tractor on 15-02-2012 by executing a surrender letter. It was further stated by the petitioner that after surrender of the vehicle, they issued loan termination notice dated 16-02-2012 to the complainant, requiring him to take back the vehicle by paying Rs.3,43,447/-. This was also the case of the petitioner that after serving the aforesaid notice and obtaining valuation of the tractor which was valued at Rs.2,40,000/- the vehicle was sold in an open auction for a consideration of Rs.2,50,000/- and the aforesaid amount was adjusted in the loan account of the complainant.