CHANDRESH KUMAR Vs. KOTAK MAHINDRA BANK LTD.

JUDGEMENT

(1.) The complainant/petitioner purchased a truck on 04.6.2004 for a consideration of Rs. 9,55,000.00, taking a loan of Rs. 8,10,000.00 from the respondent bank. The said loan was to be repaid in 35 monthly instalments of Rs. 31,000.00 each commencing from 10.7.2004. Blank signed cheques were also taken by the respondent from the petitioner/complainant at the time of sanctioning the loan. The case of the complainant/petitioner is that since he was not in a position to pay the instalment due in Jan., 2005, he requested the bank not to present the cheque towards payment of the said instalment to his bank but the said request was not acceded to, as a result of which the cheque was dishonoured. This is also the case of the petitioner/complainant that on 07.2.2005, the respondent bank repossessed the vehicle without giving any prior information to him. He therefore, approached the concerned District Forum with a complaint, seeking payment of compensation to the extent of Rs. 10,00,000.00, along with interest etc.

(2.) The complaint was resisted by the respondent bank. It was in his reply that the petitioner/complainant was not regular in payment of the instalments, despite several notices sent to him and therefore, the vehicle was peacefully repossessed as per the terms of the agreement between the parties. It was further stated in the reply that a Civil Suit, claiming identical relief had been dismissed by the Civil Court, directing the parties to refer their dispute to arbitration and therefore a complaint on the same allegations was not maintainable. According to the respondent, the petitioner/complainant failed to discharge his financial obligations, despite issue of two notices to him.

(3.) The District Forum vide its order dated 12.12.2008 directed the respondent to pay a sum of Rs. 9,55,000.00 to the complainant towards the price of the truck, along with compensation quantified at Rs. 2,00,000.00 and cost of litigation quantified at Rs. 10,000.00.