ORDER BY HON’BLE PRESIDENT- MR. P.K. PADHI:
JUDGMENT
The complainant has field this complaint with prayers to direct the opposite party to release the gold item on receiving the genuine (calculated by the Commission) in ten installments or in OTS scheme & direct the opposite party to pay Rs.20,000/- towards cost of the proceedings & Rs.10,000/- towards compensation for mental agony and harassment.
The facts of the complainant’s case stated in brief are that the complainant was undergoing much financial hardship. So he obtained gold loan Rs.90,000/-from opposite party on 27.10.2020 by pledging gold ornaments. The gold loan obtained by the complainant bear loan A/C No.MUL-13419 was for one year. Due to poor financial condition the complainant could not able to repay the loans amount in time. But the opposite party has illegally imposed more interest on petitioner and on 01.6.2022 issued a notice to the petitioner for the public auction of the said pledged gold ornaments.
The opposite party has filed the written version wherein it is stated that the said case arises from the gold loan account No.MUL-013419 amounting to Rs.90,000/-. The said loan is for one year. As per opposite party, the case is based on suppression of materials facts and adoption of delay tactics not to pay interest, close or renew his loan account in time, even after stipulated date. Opposite party has every right to put the pledged gold ornaments of the complainant into auction as he has violated the terms and conditions of the loan agreement by not making payment of his loan dues after obtaining such gold loan.
We have gone through the case record and the respective documents filed by both sides. We have also heard opposite party in respect of his case.
It is an admitted fact that the complainant has obtained the gold loan vide loan A/C No.MUL-013429 of Rs.90,000/- from the opposite party on 27.10.2020, subject to terms and conditions. It is also admitted by the complainant that he has failed to clear the said loan amount with interest within the time period as per terms and conditions due to his financial difficulty. No doubt the opposite party has right to put the pledged gold ornaments of the complainant into auction in case of violation of terms and conditions and this fact is not disputed by the complainant.
In the facts and circumstances of the case, we don’t find any reason to hold that there was deficiency in service on the part of the opposite party and the complainant has also miserably failed to prove the same.
At the same time, the complainant is a poor man and he came to the Commission as he could not pay the principal amount with interest in his account. Therefore, he should get some relief by paying the amount on installment basis. It seems that the opposite party has charged the interest not above the RBI guide lines and that the Hon’ble State Consumer disputes Redressal Commission has directed the respondent in First Appeal No.388/2013 vide order dtd.11.4.2014 to forgo 25% on the interest amount after the learned counsel for the respondent has agreed to forgo the interest in consultation with his client. In the present case, the learned counsel of the opposite party has not agreed to waive any amount for which this Commission is not at liberty to pass any order to direct the opposite party to forgo any interest charged on the complainant. At the same time we are of the opinion that the payment of amount on installment basis will be just and proper in the fact and circumstances of the present case.
The complainant will pay the loan dues along with interest in nine monthly installments within nine months in nine EMIs from the date of order and we direct the opposite party to supply the loan amount and EMI to be paid by complainant within 15 days to the complainant and extend the date of auction of the said gold ornaments after nine months, in case of failure in payment by the complainant, the opposite party is free to take action against the complainant as per law after 09 months or 03 EMIs. The consumer complaint is accordingly disposed of. No cost.
Pronounced in the open Commission on this 28th July,2023.
