NCDRC Orders ICICI Bank to Compensate 25 Lakhs for Misplaced Property Documents

National Consumer Disputes Redressal Commission (NCDRC) – :

1. Consumer Complaint Background:
   • Complaint filed under Section 21(a)(i) of Consumer Protection Act, 1986.
   • Against ICICI bank for deficiency in service – losing original title documents related to the complainant’s property, deposited as collateral for a housing loan.
2. Loan Details:
   • ICICI bank sanctioned a housing loan of Rs 1,86,00,000 on 11-04-2016.
   • Repayment over 20 years with a monthly EMI of Rs 1,72,769.50.
3. Loss of Documents:
   • ICICI bank retained various property-related documents.
   • Complainant did not receive scanned or true copies.
   • Complaint lodged on 14-06-2016.
   • Bank informed the complainant of lost documents during transit by Blue Dart courier.
4. Bank’s Actions:
   • Bank initiated the process to trace misplaced documents.
   • Deferred EMIs until recovery of original documents.
   • Bank sought complainant’s consent to recreate documents.
   • Offered compensation of two EMIs.
   • Issued legal notice against Blue Dart for Rs 2.5 Crores compensation.
5. Banking Ombudsman Intervention:
   • Complainant approached Banking Ombudsman on 14-08-2016.
   • Directed ICICI bank to issue duplicate copies of lost documents.
   • Ordered bank to publish a notice and pay Rs 25,000 for deficiency in service.
6. Complainant’s Concerns:
   • Complainant raised concerns about the clarity of title in the recreated documents.
   • Fears the impact on the property’s marketability.
7. ICICI Bank’s Claim:
   • Complainant highlighted ICICI bank’s claim for Rs 2.5 Crores compensation from Blue Dart while waiving only two EMIs for the complainant.
8. NCDRC’s Order:
   • NCDRC ordered ICICI bank to:
     • Obtain all reconstructed and duly certified copies of the documents at its own cost.
     • Hand over true and certified copies of these documents to the complainant.
     • Issue an indemnity bond regarding the documents in favor of the complainant.
     • Pay Rs 25 lakhs compensation after considering the Banking Ombudsman’s award.
     • Pay Rs 50,000 as litigation cost to the complainant.
     • Comply within 8 weeks or face interest penalties at 12% per annum or simple interest at 9% until realization.
9. Advocates in the Case:
   • For Complainant: Advocate Swtank Shantanu, Advocate Shifa, Advocate Pratap Shanker.
   • For Opposite Party (ICICI Bank): Advocate Anand Shankar Jha, Advocate Abhilekh Tiwari, Advocate Sumit Goel, Advocate Advaditya Sharma.

This case highlights a consumer complaint against ICICI bank for the loss of original property documents and the subsequent actions taken by the bank and authorities to address the issue. The NCDRC’s order outlines specific remedies and compensation to be provided to the complainant.