Back
INDER JIT SINGH, SUDHIR KUMAR JAIN
Rayarpe Bio Fuels, Ramajogihally (Post) – Appellant
Versus
Union Bank of India, Branch Office – Respondent
ORDER
Dr. Inder Jit Singh, Presiding Member—The present Consumer Complaint (CC) has been filed by the Complainant against Opposite Parties (OPs) as detailed above, inter alia praying for directions to the OPs:—
(i) To withdraw the notice dated 16/06/2016 issued under SERFAESI Act immediately and proceed to claim under CGTMSE Claim/insurance;
(ii) To regularize the CIBIL account of the complainant;
(iii) To pay to the complainant a sum of Rs.1,73,26,111/- invested by complainant towards the establishment of the industry;
(iv) To refund the Fixed/co I lateral deposit of Rs.40,00,000/-;
(v) To refund a sum of Rs.8,96,000/- the amount released towards the sale of the Gold deposited by the complainant or to order for return of 432 grams of gold to the complainant;
(vi) To pay the production profit loss of Rs.50,59,360/- per month from July 2014 i.e., the date of starting operation of complainant’s industry till the date of realization;
(vii) To pay the DIG subsidy of Rs.20,00,000/- supposed to be received by the complainant if the industry was running as per letter dated 22.01.2012;
(viii) To pay 36% subsidy amount supposed to be granted by NABARD on Rs.1,73,26,111/-invested by
Term Loan – Action of bank in not obtaining insurance policy for insuring building/machinery/stocks of Complainant on or immediately after sanction/disbursement of loan, amounts to deficiency in serv....
Consumer claims under insurance policies must adhere strictly to stated terms, and failure to understand these terms does not equate to negligence by the insurer.
Policy coverage provisions should be interpreted broadly regarding tripartite agreement along with the terms of the policy and exclusion clause must be read narrowly.
Utilization of amount deducted exclusively for obtaining Home Safe Plus Merchant Policy, for other purpose without complainants’ consent or knowledge amounts to deficiency in service on part of bank.
Admission - After admitting the fact that she signed the relevant documents, the Complainant cannot make the allegation that she had not purchased the Insurance Policy.
(i) Exclusionary Clauses – Unless the insured is duly informed about the terms and conditions of the policy, the exclusionary clauses of the policy cannot be made applicable upon him.(ii) Contractual....
Insurance—Delay in intimation and FIR can be a valid ground for rejection of insurance claim.
(1) Declaration made by Opponent no.1 that insurance policy issued by Opponent no.1 is void-ab-initio is illegal.(2) Only the insurance policy given by Opponent no.1 to complainant will come into exi....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
