2001 (3) TMI 899

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....BER   A.K. Dixit for the Applicant. R.K. Gupta for the Respondent. ORDER Bhargava, President - This is an appeal against the judgment and order dated 2-8-2000 passed by District Consumer Forum, Muzaffarnagar in Complaint Case No. 179/1997. 2. The facts of the case stated in brief are that the complainant alongwith her husband took a fixed deposit of Rs. 20,000 on 31-5-1988 for ....

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....9,965. 3. The opposite party in the written version has alleged that on 30-5-1988 a sum of Rs. 20,000 was deposited in fixed deposit. The fixed deposit receipt was pledged by the complainant's husband after taking a loan from Verma Agro Industries. As soon as the amount is paid back, the fixed deposit receipt will be released. The complainant cannot demand the money. The Bank has a right to pay....

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....5 alongwith 17 per cent per annum interest from 1-6-1995 till the date of payment to the complainant. The Forum also awarded a compensation of Rs. 3,000 and cost of Rs. 1,000. 6. Aggrieved against the order of the learned District Forum, Punjab National Bank has come in appeal and has challenged the correctness of the order passed by the District Forum. 7. We have heard the learned Counsel f....

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....in terms of the directions of the depositors, then the Bank was at liberty to accept the mortgage of the fixed deposit receipt on behalf of one of the depositors. The Bank was within its right to do so. Thus we find that the learned District Forum was not correct in coming to the conclusion that the husband of the complainant alone was not competent enough to mortgage the fixed deposit against the....