Loan repaid in 2003, but bank lost property papers; court orders Rs 5,000 per day payout

Your bank loses your original property papers that were kept with it as security for loan. What happens then? A new Bombay High Court verdict in this regard holds significance.In the case of In Vogue Creations vs State Bank of India, the bank has been ordered to pay compensation. The State Bank of India has been ordered by the Bombay High Court to pay Rs 5,000 a day to In Vogue Creations after the bank admitted that it could not trace the original title documents of two properties kept with the bank as security for loan facilities.What the case is aboutThe loan was taken in 1979 and it was fully repaid in 2003.In Vogue Creations had purchased Units/Gala Nos. 317 and 318 at Bussa Industrial Premises Co-operative Society in Prabhadevi, Mumbai.