A.P STATE CONSUMER DISPUTES REDRESSAL COMMISSION AT HYDERABAD
F.A.No.847 OF 2012 AGAINST C.C.NO.281 OF 2011 DISTRICT FORUM-I HYDERABAD
Between:
M/s Bajaj Auto Finance Ltd.,
rep. by its Manager, Ground Floor B Block,
Amsri Secunderabad-025
1. K.Ganesh
2. The Additional Registering Authority
RR East (RTO)(R2 is a formal party)
Counsel for the Appellant Counsel for the Respondent
QUORUM:
SRI THOTA ASHOK KUMAR, HON’BLE MEMBER
MONDAY
Oral Order (As per Sri***
1. `200/- per day till the vehicle is returned and`25,000/- towards compensation for suffering mental tension.
2. `25,000/- from the appellant for purchase of Bajaj Chrome Motor Cycle bearing registration number AP-29E-75058 against hypothecation agreement. The first respondent paid an amount of Rs.35
3. `30,510 and he is entitled to the benefit of circular of the RBI dated 1.07.2006 for calculation of interest @13% on the diminishing balance method and after seizing the vehicle on 25.02.2011 the appellant presented cheque on 18.03.2011 and that he is ready to pay reasonable amount for release of the vehicle.
4. `36,612/- which includes financial charges for 36 months tenure for purchase of Bajaj`1,107/- and the contract period is from 5.09.2008 till 5.08.2011. The vehicle was hypothecated to the appellant till clearance of het loan amount. The first respondent fell in arrears of`12,918/-(`4,068/- towards installments arrears and`8850/- towards other overdue charges) and he was due`4,068/-towards four future installments and`3,000/- towards accumulated other charges.
5. `19,986/- The first respondent surrendered the vehicle on 25.02.2011 in presence of`19,000/- and the appellant adjusted the sale proceeds to the loan account of the first respondent. The first respondent refused to pay loss to the tune of`986/- incurred by the appellant on sale of the vehicle.
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9. `19,000/- and after the amount was adjusted to his loan account, the first respondent was found still due an amount of`986/- towards loss sustained by the appellant on the sale of the vehicle.
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11. `25,000/- from the appellant on 28.07.2008 under loan account number 400210124 and the loan amount including financial charges of`9.412/- is repayable in 36 monthly installments @`1,017/- commencing from 5.09.2008 till 5.08.2011. The first respondent has stated that he paid an amount of`15,000/- in addition to the loan amount obtained from the appellant. The invoice evidences payment of`40,000/- towards the consideration of the motor cycle.
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13. `30,510 and he is entitled to the benefit of circular of the RBI dated 1.07.2006 for calculation of interest @13% on the diminishing balance method. Clause 5 of Hypothecation Agreement refers to the EMI payable by the first respondent mentioned in the
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The Borrower(s) shall repay/pay the Sanctioned Loan and interest in equated monthly installments (“EMIs”) as specified under the heading
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11. ,
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c)
16. )
20
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I hereby voluntarily surrender the said product to Bajaj Finance Limited the financier/Repossession Agency for Bajaj Auto Finance Limited, in accordance with the rights vested with Bajaj Auto Finance Limited under the Loan agreement whose terms and conditions I have violated by defaulting on the scheduled repayments of the above finance.
In case I do not make the payment within 10 days as aforesaid, Bajaj Auto Finance Limited shall be
18. `19,000/- appears to be not transparent considering the age of the vehicle which was barely three years old by the time of its sale and there was no evidence to show that the vehicle was sold in auction. Coupled with the failure to sell the vehicle for reasonable rate, the appellant failed to show as to whether it had terminated the agreement before
19. `25,000/- plus`15,000/- equal to`40,000/- is modified as`10,000/-.
20. `10,000/-.
KMK*
