V.K. Jain, Presiding Member—A company namely M/s Pal Puegeot Ltd. offered, to the public, Secured Redeemable Partly Convertible Debentures and Secured Redeemable Non-Redeemable Debentures, carrying interest @ 15% per annum. Vide Trust Deed dated 21.02.1997, ICICI Ltd. was appointed as the Debenture Trustee in respect of the aforesaid debentures. Each complainant/respondent was allotted secured redeemable non-convertible debentures to the extent of Rs.4,000/- having maturity value of Rs.17,090/- each. The debentures were to mature on 31.03.2008. The issuing company having defaulted in payment of interest after June 1997 and also in payment of redemption amount, the complainants approached the concerned District Forum by way of a consumer complaint, impleading the officials of the petitioner ICICI Bank Ltd. as the OP.

2. The petitioner filed its written version taking several preliminary objections including that the complainants were not its consumers. On merits, it was alleged that the petitioners were only trustees and not guarantors in respect of the debentures and therefore, were not liable to pay the amount claimed by the complainants. It was also alleged that the petition