LAWS LAID DOWN BY SUPREME COURT IN BANKING &
FINANCING
Guarantor’s liability and liability of the
surety
“Banks /financial institutes can recover their dues from the
guarantor or surety even without exhausting their remedy available to them
against the borrower .Consumers are to sign such documents with great care and
after they understand the consequences thereof,”
Manohar lal Bhandari v Sun Earth Ceramics [RP
No.1926 of 2004 ]order dt 26.5.2009 reported as 2009 CTJ 68(CP)(NCDRC)
CONSUMER’S RIGHT WHEN COMPANY GOES SICK
National Commission Held
Smt Sarvjeet Kinra v Modern Denim Ltd in 2008
in appeal no 2069 of 2006 alongwith Appeal no 2067 of 2006and 2068 of 2006
&
Smt Sarvjeet Kinra v Modern Thread ((India
)Ltd Appeal no 2065 of 2006
Ms Priti Kinra v Modern Terry Towel Ltd Appeal
No 2066 of 2006 SCDRC Rajasthan Jaipur
‘.Fixed Deposits are not recovery matters ,it is a consumers own
money kept with the company with a promise to pay it back with agreed
interest.Hence consumer’s case can continue before the consumer foru’
Held,
“Deposit is not a loan but a sum held in trust till the time of
maturity Respondant companies were made to pay the principle amount with agreed
rate of interest till the date of maturity but there after simple
interest was allowed to be paid as spelled out in the scheme approved by
Company Law Board.”
In View of the discussions above ,the law related to Fixed
deposits made by the depositor/consumer as on date through various judgements
is as hereunder:
1) Depositor is a
consumer under Consumer Protection Act 1986 for receiving
services from the service provider who keeps his acconts,calculates and sends
interest ,isssues FDR etc and also uses his money for expanding his business
for a specified fixed tenure.
2) Depositor can go to the consumer court even if respondent company is declared sick.
3) In
case company after getting declared sick approaches Company Law Board for
preparing a scheme for making payment to the creditors ,in such circumstances
,consumer can go to Company law board for their claim afresh in order to avoid
any ambiguity in the orders of both the redressal agencies and also for
execution of their order if any obtained from the consumer court by that time .
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