COMPETENT ENGINEERING DEVELOPMENT SOCIETY AND ORS Vs. INDIAN OVERSEAS BANK AND ORS
HIMACHAL PRADESH STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Competent Engineering Development Society And Ors
Indian Overseas Bank And Ors
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(1.) APPELLANTS have filed this appeal against the order passed by District Forum, Solan in Consumer Complaint No.110/2004, on 27.02.2009. By means of impugned order, complaint was dismissed.
(2.) ADMITTED facts giving rise to this appeal are, that appellant No.1 is a Society and appellant No.2 is its President. With a view to establish an Industrial Unit, project report was submitted by the appellants to respondent No.2. After examining their case, it was sponsored by respondent No.2 to respondent No.1 -Bank, at its Solan branch. Copy of sponsoring letter is Annexure -M at page -127 of the complaint file. It was not disputed at the time of hearing that respondent No.1, to be hereinafter referred to as the, Bank , after sponsor of case to it by respondent No.2, to be hereinafter referred to as the, Board sanctioned a sum of Rs.21,38,000/ -. In terms of sponsorship letter Annexure -M, 10% money was to be promoter s share, and the balance amount was to be financed by the bank. Margin money upto maximum limit of Rs.10,00000/ - was to be claimed by the financier -bank from respondent No.1.
(3.) IT was again not disputed on behalf of the respondents that margin money had to be claimed within 90 days of disbursement of first loan installment. From the documents on record, i.e. copies of cheques Annexures K -1, J, J -1, J -2 and K, it is made out that first installment was released in the sum of Rs.2,00,000/ - by the bank to the machinery supplier of the appellants on 31.08.2000. Thereafter on 10.10.2000 Rs.3,30,000/ - vide Annexure J -1, on the same date another sum of Rs.9,00,000/ - vide Annexure J -2, was released to L and T case Equipment Limited. Again on 02.11.2000 another sum of Rs.7,69,000/ - was also released by the bank vide Annexure K -1 to Ashok Leyland Limited. From the record it is clearly made out that the bank did not forward the case of the appellants for release of margin money which according to stand of respondent No.1 was Rs.3,99,500/ -.
In the light of above facts, complaint was filed with a prayer to direct the respondents to adjust Rs.3,99,500/ - with interest besides damages, cost of litigation etc. Before instituting the complaint, legal notice Annexure -Q was got issued by the appellants. This was duly replied to by the respondent -bank.;
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