ICICI Bank Case
The district consumer court in Bengaluru has delivered its judgement in my case against ICICI bank.
Attached is the judgement.
I believe it is worth noting and looking deeper at the points 38 and 42 where the judge dealth with why she chose Res Judicata and used wrong interpretation of the word 'lien' in the Indian Contracts Law.
Point 38 - For choosing Res Judicata and restricting me from applying to a higher court, the judge has reasoned that when I pre-closed my loan with ICICI Bank, I signed a document stating that Quote - "This settlement should not be brought before any courts" In my humble opinion, the words "This settlement" is open to interpretation and can be understood to mean only the settlement of the ICICI bank loan for a pre-determined amount and should not be construed as including any court action with respect to ICICI bank's methods of retrieving loan emi. Also, I paid Around 10 Lakhs in addition to the already paid EMIs which totalled around 8 Lakhs. This in total I had paid around 18.5 Lakhs as against the 20 Lakh loan.
Screenshot goodness of Poinnt 38 -
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Point 42 - For negating my request to consider that ICICI Bank had withdrawn the entire balance in my account within 3 working days of my missed EMI payment, the judge had reasoned that the Bank was still compliant to the Indian Contracts Law which states that the Bank was open to issue a lien on the property or deposits of the defaulting individual. Here the keyword of 'lien' is used and the word 'take possession' is not explicitly used. The word lien means 'take control of' which alludes to the bank taking control of the financial instrument whereby the defaulting individual cannot access, sell or modify it for personal gain.
Screenshot goodness of Point 42 -
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The above is of course my personal opinion.
Actual Law graduates and practitioners may comment if interested but people who post anti-indian and anti-hindu articles and do not have respect for brahmin sensitivities are not welcome on my thread.
Judgement document is attached for public perusal.
