Orissa

Jharsuguda

cc/58/2014

Nikan Ali,S/O-Niamul Ali - Complainant(s)

Versus

BM Magma Finance Co Ltd, - Opp.Party(s)

Abdul Zalil

15 Jul 2015

ORDER

 

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, JHARSUGUDA

 

CONSUMER COMPLAINT CASE NO. 58 OF 2014

 

Nikan Ali (50 Yrs.),

S/O- Late Niamul Ali @ Niamal Husen,

R/O: Gumadera, PO/PS: Belpahar, 

Dist: Jharsuguda, Odisha…………………………………..……Complainant.

     

                                           

Versus

 

1. Branch Manager,

Magma Fincorp Ltd.,

At: Main Road, Beheramal Chowk, Jharsuguda,

PO/PS/Dist: Jharsuguda, Odisha- 768 201.

 

2. Officer-In-Charge,

Magma Fincorp Ltd.,

At: Regd. Office 24,Park Street,

Kolkata( W.B) Pin- 700 0161………………......….…...Opp. Parties.

 

Counsel for the Parties:-

For the Complainant                                  Shri Abdul Zalil, Adv. & Associates.

For the Opp. Party                                   Shri A.K.Sahoo, Adv. Associates.

 

Date of Order: 15.07.2015

 

Present

 

                                                                                 1. Shri S.L.Behera, President.

                                                                                 2. Shri S.K. Ojha, Sr. Member.

                                                                                 3. Smt. A. Nanda, Member.

 

Shri S. L. Behera, President: - The brief facts of the complainant’s case is that, he has purchased one Ten wheeler Truck bearing Regn. No.OR-04G-5346 which has been financed by the O.P for an amount of Rs.6,79,000/- only which extended to Rs.11,13,265/- only with interest. The complainant was liable to pay the loan amount in 45 installments. The complainant has paid Rs.3,00,600/- only but the account statement issued by the O.Ps. dtd. 08.08.2014 showing amount of Rs.2,99,465/- only and without any clarification the O.Ps. threatening to seize the vehicle, hence this case.

 

The O.Ps. appeared through his counsel after being noticed and submitted his written version wherein it has been stated that the complainant is a defaulter in making payments of installments. The O.Ps further submitted that the loan was terminated by way of notice dtd. 06.08.2014 in which the complainant was called upon to pay the total outstanding of Rs.8,70,496/- only and on the said reference the matter forwarded to arbitrator as such this Hon’ble Forum has no jurisdiction to entertain the present complaint and with denying all the allegations imposed by the complainant, the O.Ps  prayed for dismissal of the case.

Heard and perused the case record along with materials available.

 As per the repayment schedule filed by the complainant the loan started from dtd. 01.04.2013 to 01.12.2016.  The O.Ps. filed several corresponding with the complainant regarding reference of the matter to the arbitrator on total outstanding amount of Rs.8,70,496/- only along with a copy of claim petition before the Arbitral Tribunal.

The O.Ps. has sanctioned loan facility to the complainant to purchase the vehicle, against which the complainant should also repay the same in time but sometimes he fails to do so.  However, the O.Ps. complied the Interim Order passed by this Hon’ble Forum and now the said vehicle is in possession of the complainant which the complainant must repay the outstanding dues in time.

In view of above circumstances, we do not found any merit on the part of complainant, hence we dismiss the case with no costs.

            Accordingly the case is disposed of.

Order pronounced in the open court today the 15^th   day of July’ 2015 and copy of this order shall be supplied to the parties as per rule.

             

                                                          I Agree.                       I Agree,                                                                                               

                                         

                                           S.K.Ojha, Sr.Member        A.Nanda, Member (W)         S. L. Behera President

                

                                         Dictated and corrected by me

 

                                                  S. L. Behera, President.