INDUSIND Bank Ltd. has to compensate the respondent with 3000/- per month due to loose of livelihood by the actions of the Bank: Supreme Court

INDUSIND BANK LIMITED AND ANOTHER

V/S

SIMARJIT SINGH 

CIVIL APPEAL NO. 784 OF 2022

SCDRC did not examine and went into the question of valuation of the consignment. The orders of the SCDRC and the NCDRC to this extent are flawed.

Facts 

• In July 2006, the respondent-complainant, Simarjit Singh had availed a loan of Rs.13,50,000/- from the appellant, Indusind Bank Limited for financing a truck. The loan was repayable in equal monthly installments of Rs. 35,150/-.
• The respondent committed default in payment of three installments due in October 2007, November 2007 and February 2008. Consequently, the Bank had issued a demand notice dated 12th March 2008 for payment of Rs. 1,39,335/-. Thereupon, it is accepted, the respondent had paid Rs.1,04,200/- on 24th March 2008, Rs. 35,150/- on 6th May 2008 and Rs. 36,000/- on 31st May 2008.
• As per the installment schedule, the respondent was required to pay only Rs. 8,08,000/- up to June 2008.
• The truck of the respondent with loaded cargo of timber, going from Gandhi Dham, Gujarat to Srinagar was stopped near village Bhasaur by about 10- 12 persons on 3rd July 2008. They then forcibly took physical possession of the truck and the timber.
• Thereupon the respondent filed a complaint in the Consumer Court.
• The Bank had taken the stand before the SCDRC and the NCDRC that the respondent had voluntarily surrendered the truck. The foras for good reasons have rejected this plea. 

Findings 

The appellants have highlighted that the value of the timber loaded in the truck was Rs. 4,13,710/- and it was delivered to the consignee. 

Judgment 

The Supreme Court held that the appellants and the respondent would be permitted to file additional documents regarding delivery to the consignee and the valuation of the consignment, including the documents filed by the Bank before us. The parties would be asked to lead evidence through affidavits. The  parties are directed to appear before the SCDRC along with their affidavits by way of evidence enclosing therewith necessary documents on 21st March 2022. It is stated that the Bank had already deposited Rs. 28,34,496/- before the SCDRC. The amount to the extent that upheld the order of the NCDRC would be paid to the respondent. 

The compensation granted @ Rs. 3,000/- per month for loss of livelihood from 5th July 2008 would be payable for the period up to 31st October 2018, along with interest @ 9% per annum from 5th July 2008 up till realization/payment was made. The compensation @ Rs. 3,000/- per month would not be payable post the decision of the SCDRC on 26th October 2018. We have rounded the date to 31st October, 2018.

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