SC directs bank to pay monthly compensation for causing Loose of Livelihood to respondent

Indusind Bank Limited Vs Simarjit Singh (Supreme Court of India) In July 2006, the respondent-complainant, Simarjit Singh had availed a loan of Rs. 13,50,000/- from the appellant, IndusInd Bank Limited for financing a truck. The loan was repayable in equal monthly instalments of Rs. 35,150/-. The respondent committed default in payment of three instalments due in October 2007, November 2007 and February 2008. Consequently, the Bank had issued demand notice dated 12th March 2008 for payment of Rs. 1,39,335/-. Thereupon, it is accepted, the respondent had paid Rs. 1,04,200/- on 24th March 2008, ...