Summary:
The petitioner submitted that he nurtured a doubt with regard to the safety of his jewels. He repaid the two other loans also shortly thereafter, but the bank refused to return the jewels saying there was a balance of Re 1 in each of the loans. The bank refused to return the jewels saying there was a balance of Re 1 in each of the loansClaiming a default of Re 1 in repayment of a loan, a co-operative bank here has allegedly refused to return 138 grams of gold jewels pledged for the loan, prompting the customer to move the Madras High Court for relief. Petitioners counsel M Sathyan said even after repeated requests by the petitioner, the bank refused to release the jewellery or accept payment of pending Re 1 for each account. In between, he took two fresh loans totalling Rs 1.65 lakh by pledging a total of 138 grams of gold..