Orissa

Cuttak

CC/36/2016

Biswa Ranjan Ray - Complainant(s)

Versus

Branch Manager,Muthoot Finance Ltd - Opp.Party(s)

R K Pattanaik & associates

24 Feb 2023

ORDER

IN THE COURT OF THE DIST. CONSUMER DISPUTES REDRESSAL COMMISSION,CUTTACK.

 

C.C.No.36/2016

 

          Biswa Ranjan Ray,

          S/O:Late Bijay Kumar Ray,At:Gautam Nagar,

           P.O:Nayabazar,P.S:Chauliaganj,

           Dist:Cuttack.                                                   ... Complainant.

          Vrs.

 

1.      Branch Manager,

Muthoot Finance Ltd.,

                  2^nd floor,above State Bank of Bikanar & Jaipur

Girla Commercial Complex,B.K.Road,Cuttack.

 

2.       Branch Manager,

            Muthoot Finance Ltd.,

                  1^st floor,SB Mansion,Link Road,

Opp. LDC Guest House,Cuttack.

 

3.       National Head,Muthoot Finance Ltd.,2nd floor,Muthoot Chambers ,Banarjee Road,Kochi,/kerala.                                                                                                                                                                                                                  ...Opp. Parties..

 

Present:            Sri Debasish Nayak,President.

                             Sri Sibananda Mohanty,Member.

 

 

Date of filing:    26.03.2016

Date of Order:  24.02.2023

 

For the complainant:            Mr. R.K.Pattnaik,Adv. & Associates.

For the O.Ps :        Mr. S.K.Naik,Adv. & Associates.

 

Sri Debasish Nayak,President.                                     

Case of the complainant as made out from the complaint petition bereft unnecessary details in short is that by pledging 151 gms. of gold ornaments consisting of gold bangles, rings and chains, the complainant had procured gold loan from the O.Ps to the tune of Rs.3,39,900/- in the year 2011.  Though he was paying some of the E.M.Is as agreed upon but due to massive decline of business in the year 2014, the complainant became a defaulter for which he had  approached the O.Ps to provide him the account statement and the details of the rate of interest charged so as to enable him for clearing the outstanding dues.  The complainant received a legal notice dt.22.2.16 wherein the O.Ps had demanded the outstanding dues to the tune of Rs.4,43,617/- from the complainant or else they would auction the pledged gold ornaments of the complainant on 18.3.16 but subsequently the complainant could know that due to some reason the auction was to be held on 26.3.16.  The complainant therefore had filed this case seeking direction to the O.Ps not to put the pledged gold ornaments into public auction, to provide him the account statement enabling him to settle the outstanding dues and further to pay him a sum of Rs.50,000/- towards his mental agony and harassment and also towards the cost of the litigation.

          The complainant has filed copies of certain documents showing two of the E.M.Is as paid by him and the copy of the legal notice sent to him by the O.Ps.

          The complainant had initiated a misc. case also here in this case, by virtue of which the O.Ps were directed not to put into auction the gold ornaments of the petitioner vide order of this Commission dt.2.4.16.

2.       All the O.Ps have contested this case and have filed their written versions wherein they have stated that the case of the complainant is not maintainable, the complainant has not approached with clean hands and rather has suppressed the material facts.  They ofcourse admit about the gold loanbearing No.MSL-24688 dt.18.11.14 for an amount of Rs.3,39,900/- as availed by the complainant who had pledged gold ornaments weighing 151 gms.  According to the O.Ps, the loan documents were executed by the complainant and the sanctioned letter was issued specifying details of the ornaments pledged, the loan amount, the interest rate and terms and conditions thereof.  They have also filed alongwith their written version, the statement of account as on 28.3.16 by virtue of which an outstanding arrear of Rs.4,70,867/- is against the complainant out of which the principal loan amount is Rs.3,39,900/-whereas the interest therein is Rs.1,30,967/-.  They have also averred therein that the complainant had received the auction notice and that though the order from this Commission was passed on 2.4.16 restraining them from holding public auction, the same had already been done much earlier to it.  As such they have prayed for dismissal of the complaint petition as filed by the complainant.

Together with their written version, the O.Ps have annexed the copy of the loan agreement specifying the loan amount, the interest rate, the E.M.Is etc wherein the complainant had signed while executing the same.  Annexure-2 is the copy of the ledger showing the outstanding dues from the complainant to the tune of Rs.4,70,867/- as on 14.7.16.

3.       Keeping in mind the averments as made in the complaint petition and the contents of the written versions of the O.Ps, this Commission thinks it proper to settle the following issues in order to arrive at a definite conclusion here in this case.

i.          Whether the case of the complainant is maintainable?

ii.         Whether there was any deficiency in service on the part of the O.Ps ?

iii.        Whether the complainant is entitled to the reliefs as claimed by him?

Issue no.II.

Out of the three issues, issue no.ii  being the pertinent issue is taken up  first for consideration here in this case.

          After going through the averments as made in the complaint petition, the contents of the written version, the copies of documents as filed from either sides here in this case, it is noticed that the complainant had infact incurred a loan of Rs.3,39,900/- by pledging gold ornaments weighing 151 gms. to the O.Ps and had executed the loan documents accordingly.  It is the own admission of the complainant that due to decline in business, the loan as incurred by him started soaring up.  He also admits to have been a defaulter in paying the E.M.Is in a regular manner.  The O.Ps throughcopies of their Annexures vide 1 & 2 have shown that the complainant had executed the loan document while incurring the loan from them and agreed to abide himself with the terms and conditions of the loan agreement and when he failed to repay the E.M.Is as agreed upon, the O.Ps had issued legal noticedt.22.2.16  to him specifying the outstanding amount and the auction dates which were also well within the knowledge of the complainant. The complainant by executing the loan documents with the O.Ps had definitely bound himself to the terms and conditions of the loan agreement and when he became a defaulter by not paying the E.M.Is, there was definitely breach of the loan agreement which had entitled the O.Ps to proceed as per law in order to get back their loan amount alongwith the interest as accrued thereon.  They had rightly sent the legal notice specifying the outstanding arear dues to the complainant and giving him an opportunity to pay the same.  They had also intimated the auction dates to the complainant.  Thus, this Commission do not find any infirmity in the legal process of the O.Ps as adhered by them when the complainant had failed to repay the E.M.Is as agreed.  Thus, this Commission do not find any deficiency in service on the part of the O.Ps and accordingly this issue goes in favour of the O.Ps.

Issues no.i & iii.

From the discussions as made above, it is held that the case of the complainant is not maintainable and the complainant is not entitled to the reliefs as claimed by him.

                                                          ORDER

The case is dismissed on contest against all the O.Ps and as regards to the facts and circumstances of the case without any cost.

Order pronounced in the open court on the 24^th day of February,2023 under the seal and signature of this Commission.  

                                                                     

                                                                                                                   Sri Debasish Nayak

                                                                                                                             President

         

 

                                                                                                                         Sri Sibananda Mohanty

                                                                                                                                          Member