|Central Bank of India ordered to return guarantee papers|
|By Neelima Shankar|
|New Delhi: After a legal battle that took five long years, two Delhi businessmen were finally able to get their guarantee papers back from the Central Bank of India. The Delhi Consumer Commission has directed the banks to return these documents to the concerned persons and provide Rs. 25,000 as cost of litigation to them.
The commission was irked by the fact that despite loan being repaid by the borrowers, the papers which were kept as a collateral with the bank weren't returned. Justice J.D. Kapoor, President of the commission termed this act by the bank as 'unfair trade practice'.
Two businessmen Jai Prakash Gupta and Rajinder Prasad Gupta gave the guarantee for a loan sanctioned to a ceramic company by the Lawrence Road branch of the Central Bank of India. The bank refused to give back the guarantee documents even after the loan was repaid by the firm stating that there was still some outstanding money, which had to be repaid. The two businessmen then took the matter to district consumer forum in 2003. The complaint was however dismissed by the forum on the grounds that the matter was already sub-judice before a debt recovery tribunal, but the commission allowed their appeal.
Stating the bank's act as nothing short of "arm-twisting, unfair and uncouth", the commission said, "the moment the said loan was paid by the principal debtor, the bank had no business to retain those documents and was obliged to return the documents to them."
|(Comments Posted : 5)
||Post Your Comments
||Do you need a Loan?
Are you looking for Finance?
Are you looking for a Loan to enlarge your business?
I think you have come to the right place.
We offer Loans at low interest rate.
Interested people should please contact us on
For immediate response to your application, Kindly
reply to this emails below only:
call or add us on what's app +1 323-406-1670
|Mustapha Mahmood (Posted: Nov 7, 2016)
||Welcome to Thomas Credit Firm, I am an international business man and Lender that has offered Loans to so various individual and firms in Europe, Asia, Africa and other parts of the world. We give out our Loan for a interest rate of 2% per annul for a minimum of 100.00 to a maximum of 100,000,000.00 rubles, dollars, pounds, euros, etc. The maximum loan term we can offer is 30 Years at fixed interest rate.
* Personal Loans (Secure and Unsecured)
* Business Loans (Secure and Unsecured)
* Combination Loan (Secure and unsecured)
* Consolidation Loan (Secure and unsecured)
* Mortgage Loans (Secure and unsecured)
Interested candidates should please contact us today for your online quick and easy loan without collateral deposits. Email: email@example.com
|Thomas Dawson (Posted: Jul 9, 2015)
||DO YOU NEED A LOAN TO START UP OR EXPAND YOUR BUSINESS? Zion financial services is a sincere and certified private Loan company approved by the Canada Government, we give out international and local loans to all countries in the world, Amount given out $2,500 to $10 Million. We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.
Available now are
MORTGAGE LOANS, PERSONAL, START-UP & EXPANSION OF BUSINESS LOANS AND NEW ARE UNSECURED & SECURE LOANS, CONSOLIDATE LOANS
Apply for a loan today with your loan amount and duration, Its Easy and fast to get 3% interest rates and monthly installment payments. email us now to apply: firstname.lastname@example.org
TO APPLY TO APPLY:
zion capital investment, Canada
|Peter James (Posted: Jan 27, 2015)
|Show All Comments|