Personal Loan Settlement Loan Settlement Blog Supreme Court Judgment -Harassment by a bank employee.

Supreme Court Judgment -Harassment by a bank employee.

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Harassment by a bank employee

Supreme Court Judgment of Shanti Devi Sharma vs. ICICI Bank & Ors, 2008 on harassment by a bank employee.

Overview of Supreme Court Judgment – Shanti Devi Sharma vs. ICICI Bank Case

  • Supreme Court’s Stand:
    • In a landmark judgment, the Supreme Court emphasizes that banks cannot use force to recover loans, preventing tragic consequences, and Ordered no harassment should be done by bank employee.
    • The Court reaffirms the importance of adhering to legal standards in a socialized country governed by the rule of law.
    • Justices Tarun Chatterjee and Dalveer Bhandari constitute the Bench delivering the judgment.
  • Reminder to Banks:
    • The Court reminds banks of their responsibility to conduct recovery processes lawfully and ethically.
    • The Court emphasizes the significance of operating within legal boundaries.
  • Rejection of ICICI Bank’s Plea:
    • The Court rejects ICICI Bank’s plea, expressing disapproval of the bank’s actions.
    • The request to delete comments from the Delhi High Court is also turned down.
  • Abetting Suicide:
    • The Supreme Court upholds the Delhi High Court’s comments, holding ICICI Bank and its enforcers accountable for abetting suicide through threats.
  • Significance:
    • This landmark judgment establishes the Supreme Court’s stance against using force or intimidation for loan recovery.
    • It underscores the importance of adhering to legal and ethical practices in the banking sector.
  • Reminder of Responsibility:
    • The Court reminds banks and financial organizations of their responsibility to operate within the confines of the law and ensure fair treatment of defaulters.
  • Upholding the Rule of Law:
    • The Supreme Court’s decision highlights the supremacy of the rule of law in a socialized country like India.
    • It sets a precedent for lawful and ethical loan recovery practices, promoting transparency and accountability in the banking industry.

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