By Smt. Padmini Sudheesh, President:

 

            The complainant’s case is that, the respondents jointly had approached the complainant and stated that they are conducting kuries of various salas and further offered that they are taking fixed deposits and giving 14% interest for the deposits. So the complainant had deposited Rs.1,00,000/- on 10.7.01 by receipt No.1024/01. The respondents had closed the firm in February 2004. Though he approached on 10.2.04 on the basis of the above said fixed deposit receipt, they were not ready to return the amount. Hence this complaint.

 

            2. Respondents filed counter to the effect that the complainant had given the amount as loan deposit; hence the Forum has no jurisdiction to entertain the complaint. Petitioner had agreed to return this loan for a period of five years for reimbursement and hence there is no cause of action until 10.7.06. The complaint was filed on 9.12.05 on which date there is no cause of action. Complaint is premature. Complainant has received advance interest for this loan and had obtained Rs.46,111/- as interest by 31.10.03 and this advance interest would cover a period of 25.10.04. So there is no interest to be paid. The averment that the firm was closed in February 2004 is absolutely false. The complainant has no legal right to get back the amount before due date. As the amount was given as loan it is different from fixed deposit as foreclosure is not possible. Hence dismiss the complaint.

 

            3. The points for consideration are:

 

(1)   Is there any deficiency in service?

(2)   If so, reliefs and costs.

 

            4. The evidence consists of Exts. P1. An affidavit also filed by the complainant. No other evidence.

 

            5. Point No.1: Ext. P1 is the Fixed Deposit receipt by which Rs.1,00,000/- had deposited in the respondents’ firm. On perusal of Ext. P1 it can be realized that it is a fixed deposit receipt and nothing else. The date of deposit is 10.7.01 and the due date is not noted. The promising interest was 14%. The definite case of the complainant is that he had deposited Rs.1,00,000/- on 10.7.01 with 14% by receipt No.1024/01. This is evidenced by Ext. P1. Respondent contended that this was a loan deposit and they have right to retain this loan for a period of five years and there is no cause of action. But there is no piece of paper to establish this version. Hence this view cannot be accepted. Respondents also contended that complainant had received interest. This also is an allegation and no document is produced to affirm the version. According to the respondents, the firm is still working and not closed. Hence it is easy to produce the document showing the payment of receipt. No evidence is produced to establish this case. The contention of the respondents that since the amount was given as loan, it is different from fixed deposit as foreclosure is not possible here. The complainant had deposited her money in the firm as fixed deposit and the respondents are liable to return it with 14% interest. There is deficiency in service on the part of respondents.

            6. Point No.2: From the above discussion it is clear that there is deficiency in service on the part of respondents. Hence the respondents are liable to return the amount with interest at the rate of 14% per annum.

 

            7. The judgement is reviewed on 7.4.10 as per order in I.A.1077/08.

 

 

            8. There is admission in the complaint itself that the complainant had accepted interest till 2004 January. In the judgement dt. 25.8.08 it is mistakenly ordered that respondents are directed to return the fixed deposit amount with 14% interest from 10.7.01 till realization. Since there is specific admission the complainant is not entitled to get interest from the date of deposit again. He is entitled to get interest after 2004 January onwards. The judgement dt. 25.8.08 is liable to be corrected accordingly. Regarding the rate of interest at 6% the respondents have to prefer appeal and not a point to be corrected. 

 

            7. In the result, complaint is allowed and the respondents are directed to return Rs.1,00,000/- (Rupees one lakh only) to the complainant with interest at the rate of 14% per annum after 2004 January onwards till realization and pay Rs.1000/- (Rupees one thousand only) towards costs. Comply the order within two months.

 

            Dictated to the Confidential Assistant, transcribed by her, corrected by me and pronounced in the open Forum, this the 7th day of April 2010.