Misuse of securitisation act by bank

J. P. Shah (Querist) 04 July 2008 This query is : Resolved
Due to misuse and arbitrary use of securitisation act, my friend suffered loss of nearly ten lacs by way of theft by officers of bank during physical custody of flat, damage to furniture as no care was taken by bank for 15 months,depriving wife of her stridhan, though she is not connected to loan, keeping illegal custody of items not charged to the bank,. Now my friend wants to claim damages from bank and its officers. Where should he go-consumer court, civil court or drt?

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Rajesh Sharma (Expert) 04 July 2008
Dear Mr. Shah,
You advise your friend to establish theft from the list of inventory prepared at the time of taking physical possession and at the time of desealing the premises. Lodge an FIR against the concerned officers including REceiver and then approach DRT concerned for claiming compensation.

Regards

Rajesh Sharma

J. P. Shah (Querist) 05 July 2008
Thanks for your kind guidance. Since the theft took place during bank's custody should not bank file FIR against its officer who was holding the keys? Will non-filing of FIR by bank absolve the bank officers. Theft was first found at 11 am when flat was opened, while custody of flat was handed over to my friend after panchanama etc at 6 pm.

R.S.Rajesh (Expert) 05 July 2008
The bank is liable for compensation for wrongful custody of itms/movables not charged to the bank and also for negligence . As the properties is reported to be taken under the Securitisation Act , you are entitled for compensation and costs under section 19 of the Securitisation Act itself . You can take up the case before the DRT having jurisidiction over the matter by filing applciation/appeal through the Advocate.