Anil Kumar Agarwal vs H.D.B. Financial Services ...
2021 Latest Caselaw 2517 Bom

                                                    1/2                        16.arbp-586-17.doc


         Digitally
         signed by
Meera    Meera M.

M.
         Jadhav
         Date:                  IN THE HIGH COURT OF JUDICATURE AT BOMBAY
Jadhav   2021.02.09
         11:26:56                   ORDINARY ORIGINAL CIVIL JURISDICTION
         +0530
                                    ARBITRATION PETITION NO. 586 OF 2017


            Anil Kumar Agarwal                                  ....Petitioner

                      V/s.

            H. D. B. Financial Services Ltd.                    ....Respondent


            Mr. Datta Mane and Prasad Patil for Petitioner;
            None for Respondent.


                                               CORAM : K.R.SHRIRAM, J.

DATED : 8th FEBRUARY 2021

P.C. :

1 There is some merit in the case of petitioner. The main ground of

petitioner is that admittedly respondent had alongwith petitioner taken out

Credit Protect Plus policy from HDFC Life. This policy was meant to protect

the families from burden of repaying the outstanding loan to financial

institution in the event of death of insured. Respondent also took

Rs.30,796/- from petitioner / borrowers towards insurance premium

payable for the said cover. That can be seen from the statement for the

period 16th December 2013 to 28th July 2016 relied upon by respondent in

their affidavit in reply. One of the issue raised was whether petitioner

herein proved that the premium of Rs.30,796/- was paid for the insurance

and the Arbitrator has answered "NO". But the fact is this amount has been

collected from petitioner by respondent as per the statement referred above

Meera Jadhav 2/2 16.arbp-586-17.doc

and relied upon by respondent in its affidavit in reply.

2 Moreover, the Arbitrator has presumed that once repayment tenure

was decreased, the benefit of insurance cover is bound to decrease. From

where he got the material to make such presumption, is also not provided.

3       Therefore, Admit.

4       Within 4 weeks from today, parties may file their compilation of

documents and judgments etc., Registry to call upon the Learned Arbitrator

to transmit the original records and proceedings within two weeks of

receiving communication from registry. Petitioner's advocate is at liberty to

forward the said communication to the Arbitrator.

5 Petition be listed for final hearing on 19th April 2021.

(K.R.SHRIRAM, J)

Meera Jadhav