ORDER BY HON’BLE PRESIDENT- MR. P.K. PADHI:
JUDGMENT
Complainant has filed this consumer complaint U/s.35 of C.P. Act, 2019 seeking following reliefs;
“Direct the opposite parties not to repossess the vehicle bearing No.OD-05-V-6477 and to adjust the rate of interest as per old agreement and to deduct the penalty interest of the old agreement and to supply a copy of loan agreement and other connected papers (both agreements) and receive the installment for the loan without adjusting the same in any other charges and to exonerate the complainant from any other unnecessary charges and pay compensation of Rs.4,00,000/-”.
The brief fact of the case is that, the complainant being an educated and unemployed person had purchased a one AL 3118 IL in the August, 2016 being financed by opposite parties for his livelyhood and maintenance of his family from the earning of the vehicle. As the entire consideration money was not available with him, the opposite parties forced for a refinance loan for Rs.9,16,500/- and accordingly the opposite parties sanctioned refinance loan which will be repaid in 41 installments @ Rs.32,436/- which starts from 21.12.2019 to 21.3.2023. The complainant paid all the installments excluding D.P. but the opposite parties charged unnecessary charges which gives raise the loan amount for that opposite parties many times threatened the complainant to repossess the vehicle at any time with help of break down service any settlement in spite of several request.
Opposite parties filed their written version stating as under;
As per approached by the complainant to opposite parties for availing the requisite finance for purchase of a vehicle the opposite parties after proper consideration thereof agreed to finance an amount of Rs.22,00,000/- on 28.6.2016 to the complainant by way of duly executed a hypothecation agreement to that effect. But being unable to pay the monthly installments and upon the request of the complainant the opposite parties refinanced the previous loan contract to a new loan contract for an amount of Rs.9,16,500/- on 26.11.2019 to the complainant. Hence as per the repayment schedule complainant has to pay the total agreement value sum of Rs.11,79,865/- including interest payable from 21.12.2019 to 21.3.2023 in 40 installments as per the repayment schedule. But since the beginning his repayment track was not as per agreed terms and conditions of the loan agreement, resulting which the complainant became default.
The complainant is owner of multiple vehicles and loanee and guarantor in 11 loans which goes to prove that the concerned vehicle is used commercially. But we find that agreement period is already over on 21.3.2023 and there is only due amount of Rs.43,354/- as on 03.01.2023 and future payable amount of Rs.79,876/- out of total amount of loan of Rs.22,00,000/- as such we give opportunity to complainant to clear the dues within 30 days from the date of receipt of the order failing which the opposite parties are free to take any action If complainant clears the dues opposite parties shall issue NOC. With the aforesaid observation and direction the consumer complaint is disposed of. No cost.
Pronounced in the open Commission on this 04th August,2023.
