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Judgment
THE complainant has availed loan of Rs. 6,47,000/- from the opposite party - ICICI Bank for purchasing chassis of an Ashok Leyland vehicle. As per the agreement executed between the parties, the loan was to be repaid in 34 monthly instalments. THE complainant is stated to have paid some amount towards instalments. For non-payment of four instalments the vehicle was seized by he opposite party on 24.9.2003.
THE opposite party in its written version has stated that for deliberate non-payment of four instalments by the complainant the vehicle was seized as per the terms of the agreement. We have heard the learned Counsel for both the parties.
By the order dated 30.10.2003 of this Commission, the complainant was directed to deposit Rs. 80,000/- and on such deposit being made, the vehicle has been released in favour of the complainant. In compliance of our order, on different dates also the complainant has deposited some amounts towards instalments. There is no dispute that in accordance with the terms of the agreement the complainant is liable to pay the instalments fixed thereunder.
WE, therefore, dispose of this case by directing the complainant to deposit the instalments as per the agreement till the entire loan is liquidated. Since we do not find any reason to award compensation against the opposite party, the same is refused. Parties to bear their respective costs of this litigation. Mr. P.N. Das, Member.-I agree. Complaint disposed of.