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NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
Dr. Inder Jit Singh, CJ, Justice Dr. Sudhir Kumar Jain, J
M/s. Rayarpe Bio Fuels – Appellant
Versus
Union Bank of India – Respondent
| Table of Content |
|---|
| 1. consumer complaint filed against bank for negligence. (Para 1 , 2) |
| 2. details of the loan and insurance policy obligations. (Para 3 , 4 , 5) |
| 3. parties' arguments regarding loan and insurance claims. (Para 6 , 7 , 8) |
| 4. court's analysis of bank's duty to insure. (Para 9 , 10) |
| 5. court's ruling on deficiency of service by the bank. (Para 11 , 12) |
| 6. final orders and compensation awarded. (Para 13 , 14 , 15 , 16) |
ORDER
DR.INDER JIT SINGH. PRESIDING MEMBER
1. 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:-
(D 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
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