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Claiming a default of Re 1 in repayment of a loan, a cooperative bank reportedly refused to return 138 grams of gold jewelery promised for the loan,
In a petition, C Kumar, a member of the Pallavaram Branch of the Kancheepuram Central Cooperative Bank, argued that he had run from one pillar to the other for the past. five years to recover the jewelry worth about Rs 3.50 lakh and asked a direction to the bank to return them.
When the plea was heard on Friday, Judge T Raja recorded the findings of petitioner Sathyan's counsel and ordered the government attorney to obtain instructions from the authorities within two weeks.
The petitioner stated that he borrowed 1.23 million from the bank by promising 131 grams of gold jewelery on April 6, 2010.
Meanwhile, he took two new loans totaling Rs 1.65 lakh by promising a total of 138 grams of gold.
2011, he closed the first loan by settling the amount with interest and bought back the 131 grams of jewelry.
He repaid the other two loans as soon after, but the bank refused to return the jewelry saying that there was a balance of Re
The applicants' counsel, Mr. Sathyan, stated that even after repeated requests from the petitioner, the bank refused to release the jewelry or accept the payment of Re 1 on hold for each account.
The petitioner argued has raised a doubt as to the safety of his jewelry
(This story was not edited by the staff of Business Standard and is generated automatically from a stream unionized.)
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