NATIONAL INSURANCE CO LTD Vs. MITHIJAM VANASPATI LTD

JUDGEMENT

(1.) THIS appeal, under Section 15 of the Consumer Protection Act, 1986 is directed against the order dated 24.2.2005 in Complaint No. 279/2004 by District Consumer Disputes Redressal Forum, Durg (hereinafter called 'District Forum' for short) directing the appellant bank to pay to the complainant Rs. 1,00,170 with interest payable from 4.11.2004 as also compensation of Rs. 3000 and costs of Rs. 500.

(2.) INDISPUTABLY the complainant had deposited Rs. 50,000 in the appellant bank in its scheme captioned -Samridhi Khata Jama Yojana. Receipt No. 077789 dated 13.8.1998 was issued by appellant bank in favour of the complainant/respondent. It is further not in dispute that under the said scheme, maturity amount of Rs. 1,00,170 was payable to complainant/respondent on 13.8.2004. It is also not in dispute that the complainant had obtained a loan of Rs. 40,000 and had pledged the said receipt of Rs. 50,000 with the appellant bank by way of security.

(3.) IT was averred that the appellant bank had returned the pledged receipt, as loan amount was repaid by the complainant. However, later on the Manager of appellant bank in January, 2004 intimated the complainant that there was outstanding balance of Rs. 29,955 towards the loan taken by him on 28.12.2002. Upon this the complainant intimated the repayment made by him, towards full discharge of his loan and also furnished an affidavit. The grievance of complainant was that despite full payment of loan, the appellant bank is refusing payment of the amount of Rs. 1,00,170 payable to the complainant under the scheme Samridhi Khata Jama Yojana.