DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, JHARSUGUDA

CONSUMER COMPLAINT CASE NO. 95 OF 2016

Purandar Banachhar,

S/O- Late Chandra Banachhar,

RO/PO- Gumadera,Jahajpadia,PO/PS: Belpahar,

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

Versus

1. Branch Manager,

Tata Motors Finance Ltd.,Sambalpur Branch,

Balaji Tower, 2^nd Floor, G.M.College Road,Sambalpur,

Dist: Sambalpur, Odisha.

2. Branch Manager,

Tata Motors Finance Ltd.,

Jharsuguda Branch, Jharsuguda……..…...…....…….…...Opp. Parties.

Counsel for the Parties:-

For the Complainant                                   B.K.Sahu, Adv. & Associates.

For the Opp. Parties                                    A.K.Sahoo, Adv. &  Associates.

Date of Order: 20.11.2017

Present

1. Shri Sundar Lal Behera, President.

                                                                                2. Shri Santosh Kumar Ojha, Member.

                                                                                3. Smt. Anamika Nanda, Member(W).

Shri Sundarlal Behera, President : - In this case the complainant alleged deficiency in service on the part of O.Ps. finance company.  Alleging non-issue of NOC( Non Objection Certificate) despite payment of entire loan amount.  Undisputed fact of this case is that, the complainant avails a loan of Rs.3,08,000/- only in the month of December,2011 from the O.Ps. finance company on executing hypothecation agreement on 31.12.2011 to be repaid in 48 nos. of EMIs. of installments @ 11,224/- only for first EMI and Rs.10,000/- only for remaining 47 nos. of EMIs. within 02.12.2015, the contact value is of Rs.4,71,224/- only.  Account statement as on 10.04.2017 despite that the complainant in total has paid a sum of Rs.4,71,562/- only towards contact value.  It reveals from the said statement the complainant has already paid Rs.4,71,562/- only.

The O.Ps. finance company claims the over dues interest amount will be pay by the complainant in order to issue NOC, on the other hand  the complainant claim to have paid the entire loan amount of contact value within April,2017.  Dispute arises here regarding OD interest charged as per term and condition of the hypothecation agreement.  Now question arises that whether the said OD interest is to be paid by the complainant to obtained NOC of the loan.  It is to be noted that we are not expertise in accounting the entries made in the statement of account.  However, when the document on record and besides undisputed fact, when the contact amount of Rs.4,71,562/- only paid by the complainant and also agreement clause, he will entitled to pay the OD interest.  We are in view the O.Ps finance company should not insist for payment of OD interest rather he should given him relaxation in payment. 

            Taking into consideration of the pattern of payment as well as claims of both the parties and for the end of justice, the O.Ps finance company is hereby directed to waive out the OD interest and issue required No Objection Certificate within one month from the date of receipt of this order. No order as to costs and compensation. 

            Accordingly the complaint case is disposed of.

Order pronounced in the open court today the 20^th day of November’ 2017. Free copy of this order shall be supplied to the parties as per rule.

                         I Agree.                               I Agree,                                                                                                

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

Dictated and corrected by me

      S. L. Behera President