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Judgment
THIS complaint has been filed by the Family Planning & Medical Aid Trust (hereinafter referred to as ''TRUST''), alleging deficiency in the service of the opposite party. The complainant alleged that an amount of Rs. 5,00,000/- was deposited in a Fixed Deposit with the opposite-party on 24.12.1991, @ 13% interest per annum. According to the complainant, the said amount of Fixed Deposit matured on 24.12.1992, but the opposite-party did not pay back the said amount of Fixed Deposit with interest to the complainant. Thereafter, the complainant took -up the matter with the Bank, i.e. opposite party, by sending letters. Despite sending repeated reminders, the opposite-party failed to make the payment of the fixed deposit with interest to the complainant. Hence, this complaint, claiming the aforesaid amount with interest and compensation of Rs. 15,000/-.
THE opposite party, in its written version, submitted that the opposite-party is having uncomfortable financial position; and that they had been put under the programme of rehabilitation by the Reserve Bank of India. THE opposite-party also submitted that they have to pay to the people/parties/depositors the amount of Rs.138.15 lacs, but for want of funds, they are unable to pay back the said amount to them, including the complainant. We have heard the complainant through its Chairman and opposite-party through its Advocate, Shri Parab. The fact that the complainant paid Rs. 5,00,000/- to the opposite-party on 24.12.1991, in a Fixed Deposit, which is to be repaid on maturity, i.e. on 24.12.1992, with interest @ 13% per annum, is an admitted fact. The opposite-party is under legal obligation to refund the aforesaid amount to the complainant on maturity. It appears from the record that the opposite-party exhorted the complainant to keep the amount in a Fixed Deposit, as it is a Cooperative Bank, but when the amount of Fixed Deposit matured, the opposite-party avoided to make the payment to the complainant, despite repeated requests and reminders. The complainant is a Public Trust and the amount is required by them for the welfare activities of the Trust and, for want of funds, the complainant, the Trust, has suffered considerable loss. In our view, therefore, there has been obvious deficiency in the service of the opposite party. The opposite party, in no way, can absolve themselves of the liability to pay back the matured amount of Fixed Deposit to the complainant, by taking a shelter under the plea that they do not have the sufficient liquidity to refund the aforesaid amount of Fixed Deposit. We have, therefore, no alternative, but to allow this complaint. Hence, we pass the following order:- ORDER
The opposite party, Poona Co-operative Bank Ltd., is directed to refund to the complainant the matured amount of Rs.5,00,000/-, together with inter-. est @ 13% per annum from 24.12.1991 upto 24.12.1992; and, thereafter @ 18% interest per annum on the aggregate amount from 24.12.1992, till realisation. The opposite-party is further directed to pay to the complainant Rs. 15,000/-towards compensation for the loss suffered by the Trust in their welfare activities. The aforesaid amount be paid to the complainant by the opposite-party on priority basis against all other Creditors. Complaint allowed.