SADASHIV MAHADEV BHISE Vs. BANK OF INDIA

JUDGEMENT

(1.) The complainant had purchased a piece of land measuring 11 Gunthas located at Amboli, Maharashtra for commercial purpose on 1.3.1996 and prepared a project for construction of a Tourist Hotel at a cost of Rs. 60 lakhs for which he sought loan of Rs. 25 lakhs from the local branch of Bank of India. The complainant produced the search report and also the valuation report prepared by the authorized person of the Bank. The complainant visited the Bank to pursue the matter. As the loan application was not considered he filed a complaint before the Consumer Disputes Redressal Commission, Maharashtra, claiming Rs. 11,36,600 with 18 interest thereon. Though the complainant is a freedom fighter and had applied for the loan on 15.1.1998, and the search report and valuation reports were submitted on 13.3.1998 and 22.9.1998 respectively he expressed his inability to mortgage his flat for obtaining loan and also inability of his son to join him in his business as he is in semi-Government service. The Bank after careful scrutiny of the documents rejected the request for sanction of loan on 14.1.1999.

(2.) The State Commission after hearing the parties has dismissed the complaint on 26.8.2005 holding that it is the sole discretion of the Bank to grant or reject the loan proposal. So there is no deficiency in rendering service on the part of the O.P. Bank.

(3.) Aggrieved and dis-satisfied by the order of the State Commission, the complainant had filed this appeal before us. He has inter alia urged the following grounds: