NCDRC

NCDRC

RP/2590/2013

BANK OF BARODA - Complainant(s)

Versus

BALAPRASAD BANSILAL BIYANI - Opp.Party(s)

MS. PRAVEENA GAUTAM

29 Jul 2020

ORDER

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NEW DELHI
 
REVISION PETITION NO. 2590 OF 2013
 
(Against the Order dated 09/04/2008 in Appeal No. 131/2002 of the State Commission Maharashtra)
1. BANK OF BARODA
THROUGH ITS MANAGER, TRUSTEE OF BOND HOLDERS, 3 WALCHAND HIRACHAND MARG,
MUMBAI - 400038
MAHARASTRA
...........Petitioner(s)
Versus 
1. BALAPRASAD BANSILAL BIYANI
S/O BANSILAL BIYANI, SARAFA BAZAAR
NANDED
MAHARASTRA
...........Respondent(s)

BEFORE: 
 HON'BLE MR. JUSTICE V.K. JAIN,PRESIDING MEMBER

For the Petitioner :
Ms. Praveena Gautam, Advocate
For the Respondent :
Mr. Shirish K. Deshpande, Advocate

Dated : 29 Jul 2020
ORDER

JUSTICE V.K.JAIN (ORAL)

This revision petition is directed against the order of the State Commission dated 9.4.2008 whereby the appeal preferred by the petitioner bank against the order of the District Forum dated 19.12.2001 was dismissed on the ground that the petitioner bank had not impleaded the legal representatives of the complainant who had expired after the order of the District Forum and during pendency of the appeal before the State Commission.

2.      On merits, the case of the complainant/respondent is that he had purchased debentures of a company, namely, M/s Alpic Finance Ltd. which were not redeemed on their maturity. Since the petitioner bank was the trustee appointed by the company for the purpose of the debentures issued by it, the complainant approached the concerned District Forum by way of a consumer complaint impleading the petitioner bank as the sole opposite party.

3.      The complaint was resisted by the petitioner bank which interalia stated in its reply that it had not guaranteed the redemption of the debentures and its duty was only to hold and if required sell the security offered by a company, as a trustees for the benefit of the denture holder.

4.      The District Forum having allowed the consumer complaint, the petitioner bank approached the concerned State Commission by way of an appeal. The said appeal having been dismissed in the manner stated hereinabove, the petitioner bank is before this Commission.

5.      The submission of the learned counsel for the petitioner bank is that in its capacity as a trustees, the bank had filed a Civil Suit in Bombay High Court and had been able to realize more than Rs.30 crores by  sale of assets of the company,  which the bank had deposited that the Official Liquidator attached the Hon’ble Bombay High Court and the orders had been passed for disbursal of the said amount to the debentures holder. However, no order of the High Court has been placed on record.

6.      It is an admitted position that though the deceased respondent expired on 15.9.2002  intimation of the death was not given to the bank prior to 12.7.2007. Therefore, the bank did not come to know of his death and that resulted the bank having not been able to seek impleadment of his legal representatives.

7.      The legal representatives of the deceased complainant have already been impleaded in this revision petition.

8.      Considering all the facts and circumstances of the case, the respondents are impleaded in the appeal which the petitioner bank had filed before the State Commission. The impugned order is set aside and the matter is remitted back to the State Commission for deciding the appeal of the petitioner bank on merits, subject to the petitioner bank paying a sum of Rs.35,000/- as cost to the respondents within four weeks from today. The parties shall appear before the State Commission  on 21.9.2020. Considering the age of the case, the State Commission  shall decide the appeal within three months of the parties appearing before it.

 
......................J
V.K. JAIN
PRESIDING MEMBER

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