KULDEEP SINGH Vs. SYNDICATE BANK

JUDGEMENT

(1.) The petitioner, who has an account with the respondent Syndicate Bank, Civil Lines, Roorkee had a credit balance of Rs. 4,51,177.69/- for the aforesaid account as on 31.03.2009. The petitioner had also stood as guarantor for a loan which the aforesaid bank had granted to M/s. Hamara Enterprises through one Mr. Sanjeev Kumar Sharma bearing cash credit account no. 87361250000269. Since M/s. Hamara Enterprises did not repay the loan taken from the bank, it turned into a Non Performing Asset and the petitioner being guarantor for the aforesaid loan, a sum of Rs. 4,43,000/- was transferred from his bank account to the loan account of M/s. Hamara Enterprises. Being aggrieved from the aforesaid transfer of money from his account, the petitioner approached the concerned District Forum by way of a complaint.

(2.) The complaint was resisted by the bank primarily on the ground that since M/s. Hamara Enterprises did not repay the loan taken from the bank and the petitioner/complainant had stood as a guarantor in respect of the aforesaid loan, they sent registered notices dated 18.07.2008 and 20.03.2009 to him, requiring him to close the loan account of M/s. Hamara Enterprises, within 15 days by depositing the amount payable in the aforesaid loan account. He was also informed that on his failure to do so, the loan amount would be adjusted through his personal account. The bank also received a certificate from the Post Office, certifying that the aforesaid letter/notice has been served upon the petitioner/complainant. Since the petitioner/complainant did not discharge obligation qua the loan granted to M/s. Hamara Enterprises even on receipt of the aforesaid notices, the bank transferred the amount of Rs. 4,43,000/- from his account to the loan account of M/s. Hamara Enterprises.

(3.) Vide its order dated 06.02.2012, the concerned District Forum directed the bank to deposit Rs. 5 lakhs in the account of the complainant within one month from the date of the order.