Additional Bench STATE CONSUMER DISPUTES REDRESSAL COMMISSION, PUNJAB, CHANDIGARH.

Date of institution : 04.06.2019 Reserved on : 16.11.2022 Date of decision : 24.11.2022

1. ICICI Bank, Sarhali Road Branch, Tarn Taran through its Manager, Tarn Taran, Punjab.

2. Arun Saunkar, Debt Manager, ICICI Bank, Amritsar, Punjab.

3. Jasmeet Singh Walia, Manager, ICICI Bank, Sarhali Road Branch, Tarn Taran, Punjab.

4. Raman Kaur, Gold Loan Department In-Charge, ICICI Bank, Sarhali Road Branch, Tarn Taran, Punjab.

All through Pallavi Sood Manager ICICI Bank.

….Appellants/Opposite Parties Versus Sarabjit Singh, son of Jaswant Singh resident of 63-Kennedy Avenue, Amritsar now at present resident of 20-Harkirat Road, Amritsar.

..….Respondent/Complainant First Appeal against the order dated 15.02.2019 passed by the District Consumer Disputes Redressal Forum (now Commission), Tarn Taran.

Quorum:-

Hon’ble Mr. Harinderpal Singh Mahal, Presiding Judicial Member Mrs. Kiran Sibal, Member Present :-

For the appellants : Sh.Sandeep Suri, Advocate For the respondent : Sh.K.P.Singh, Advocate KIRAN SIBAL, MEMBER MA No.1238 of 2022 (For placing on record additional evidence-

auction sheet)

This application has been filed by the appellants for placing on record additional evidence-auction sheet.

Heard.

For the reasons stated in the application, the same is allowed and the auction sheet Ex.A annexed with the MA is taken on record.

Main Case Appellants/Opposite Parties have filed the present appeal against the order dated 15.02.2019 passed by the District Consumer Disputes Redressal Forum (now Commission) (in short, “the District Commission”), Tarn Taran, whereby the complaint filed by the complainant has been partly allowed. The relevant part of the order is reproduced as under:-

“9. In light of the above discussion, the complaint succeeds and the same is hereby partly allowed with costs in favour of the complainant and against the Opposite Parties. The opposite parties are directed to return the amount 1,25,269/- (Rs. One Lac twenty five thousand two hundred and sixty nine only) to the complainant alongwith interest at the rate of Rs. 6% per annum from the date of filing the complaint till realization on the awarded amount. The complainant is also entitled to Rs. 7,500/- (Rs. Seven Thousand and five hundred only) as compensation on account of harassment and mental agony and Rs 5,000/- (Rs.Five thousand only) as litigation expenses. Opposite Parties are directed to comply with the order within one month from the date of receipt of copy of the order, failing which the complainant is entitled to interest @ 9% per annum, on the awarded amount, from the date of complaint till its realisation.”

2. The facts of the case are that complainant availed a loan of Rs.3 lac from the OPs against Account No.050505001744 with ICICI bank, Sarhali Road Branch, Tarn Taran. The complainant pledged gold ornaments weighing 201.82 grams with the OPs vide token card dated 23.04.2015.

3. At the time of taking loan the OPs stated that gold would not be auctioned by the OPs under any circumstances till the period, the amount of loan and its interest had not gone above from the market value of the said gold which was not less than Rs.6 lacs. In the month of April-2016, the complainant approached to the OPs to deposit part payment of the said loan but they refused to receive the same and demanded entire outstanding amount. The complainant sent his close confident, one Gurwinder Singh to deposit the entire outstanding amount but OPs again refused to receive the amount by saying that complainant was required for this propose. Thereafter, the complainant approached to the OPs to deposit the entire amount of said gold loan on 23.07.2016, but it came to his knowledge that entire gold was sold on 21.07.2016 for sum of Rs.4,56,780/- after deducting an amount of Rs.1,00,000/- which was credited to the saving account of the complainant. Complainant alleged that under the Banking rules, there is no provision whic