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 12^th March 2008 for payment of Rs. 1,39,335/-. There

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