BEFORE THE A.P.STATE CONSUMER DISPUTES REDRESSAL COMMISSION: HYDERABAD.

 F.A.No.312/2013 against C.C.No.116/2011 District Forum, Adilabad.

Between:

Abdul Waheed Khan S/o.Abdul Haleem

Aged about 46 years, Occ:Business

R/o.H.No.3-3-38/4, Panjesha Locality

Adilabad-504 001.                                                                                                       Appellant/complainant

        And

Shriram Transport Finance Co. Ltd.,

D.No.7-2-52/10/1, Behind Sana

Automobiles, BH-7, Road,

Bhoktapur-2, Adilabad,

Rep. by its Manager.

Shriram Transport Finance Company

Ltd., Mookambika complex

Mylapore, Chennai-600 004.                                                                                  Respondents/opp.parties.

Counsel for the  Appellant: M/s.V.Gourisankara Rao.

Counsel for the Respondents: M/s.V.Narasimha Rao.

.

QUORUM: HON’BLE SRI JUSTICE GOPALA KRISHNA TAMADA, PRESIDENT.

AND

SRI R.LAKSHMINARASIMHA RAO, HON’BLE MEMBER.

WEDNESDAY, THE SIXTEENTH DAY OF APRIL,

TWO THOUSAND FOURTEEN

Oral Order (As per Hon’ble Sri Justice GopalaKrishna Tamada, President)

***

          The unsuccessful complainant is the appellant and this appeal is directed against the order dated 05-3-2013 in C.C.No.116/2011 on the file of the District Forum, Adilabad whereby the District Forum dismissed the complaint.

        The brief facts that emanate from the complaint filed U/s.12 of Consumer Protection Act, 1986 are that the appellant purchased a lorry bearing registration No.MP-17-C-4959 by obtaining a loan of Rs.6,00,000/- from the respondents herein on 25-9-2007.  According to him the rate of interest was assured to be fixed at 7% and his signatures were obtained on blank papers.  The total amount which has to be paid according to him works out to Rs.7,12,000/-.  He paid a total sum of Rs.6,76,200/-.  Though he has to pay the balance amount only of Rs.35,800/-, the respondents had claimed a total sum of Rs.5,00,000/- towards the loan and as they are harassing and threatening to seize the lorry, if the said amount was not paid, he approached the District Forum and filed the present complaint to direct the opposite parties to receive remaining amount of Rs.35,800/-  and to receive interest as per the guidelines fixed by Reserve Bank of India, to issue no objection certificate and pay costs.

        The same was resisted by the respondents/opposite parties stating that the appellant borrowed an amount of Rs.6,00,000/- with interest @ 11.75% p.a. payable in 47 equated monthly instalments.  The loan-cum-hypothecation agreement was executed on 01-10-2007 and the appellant also executed a promissory note and after receipt of the said amount, he purchased a lorry and the same was registered with registration No.MP-17-C-4959.  Though he paid only 28 instalments, the appellant is stating that he has to pay Rs.35,800/- but in reality the total instalments are 47 and the balance amount to be paid is Rs.4,65,379/-.

        The appellant got marked Exs.A1 toA34 and similarly the respondents got marked Exs.B1 to B3.

        Having considered the entire oral and documentary evidence produced by both sides, the District Forum dismissed the complaint filed by the complainant.

        As stated supra, the said order is under challenge before us.

        Heard. 

We are unable to appreciate any of the stands taken by the appellant.  When a loan-cum-hypothecation agreement is entered into between the parties, the number of equated monthly instalments, the rate of interest etc. will be detailed in the said agreement.  It is interesting to note that the appellant has come forward stating that the rate of interest is fixed at 7% p.a. and the respondents have collected blank signed papers and thereafter they filled up the said papers as per their whims.  The said contention cannot be countenanced. 

From a perusal of the documents marked on behalf of the respondents i.e. Ex.B1, self attested loan-cum-hypothecation agreement, Ex.B2, self attested copy of promissory note dated 01-10-2007 for an amount of  Rs.8,76,000/- and Ex.B3, self attested copy of computer extract copy of statement of loan account, we are very much inclined to believe the version put in by the respondents and not the version of the appellant.  In the schedule annexed to Ex.B1, it is clearly mentioned that the equated monthly instalments are 47 and interest amount is Rs.11.75%, the loan amount is Rs.6,00,000/- and the total amount worked out to Rs.8,76,000/-.  In those circumstances, we cannot accept the said contention canvassed on behalf of the appellant/complainant.  These aspects were gone into by the District Forum in holding that the complaint is meritless and in our considered opinion the said order cannot be interfered.

Accordingly this appeal fails and stands dismissed.  There shall be no order as to costs.

Sd/-PRESIDENT.

                                                                                                                                                Sd/-MEMBER.

JM                                                                                                                                             Dt.16-4-2014.