PREM NARAIN
PRIMUS CHEMICALS LTD. – Appellant
Versus
IFCI LIMITED – Respondent
ORDER
Mr. Prem Narain, Presiding Member.—The present appeal has been filed by the Appellant/complainant, seeking to challenge the order dated 3.9.2016 passed by the Madhya Pradesh State Consumer Disputes Redressal Commission, Bhopal, (in short 'the State Commission') passed in Complaint Case No. 7/2016.
2. The brief facts of the case are that the complainant Company approached O.Ps. for a loan of Rs. 400 lakh. The same was sanctioned on 7.7.1994. Accordingly, certain necessary documents pertaining to the complainant Company for mortgage and hypothecation were handed over to the O.Ps. by the complainant. However, O.P. No. 4 disbursed only a portion of the sanctioned loan. In the year 1999, the O.Ps. revoked the sanction granted and demanded the refund of the partly disbursed loan amount. Consequently, DRT proceedings were initiated against the complainant. The complainant filed cases against the O.Ps., for the irregularities in the execution proceedings. During the pendency of the cases, the complainant and the O.Ps. entered into an agreement for settlement of all dues on certain terms and conditions. Accordingly, the complainant settled the dispute with the O.Ps. and payment of sett
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