West Bengal

Bankura

CC/35/2023

Surahan Sekh - Complainant(s)

Versus

Cholamandalam Finance, Cholamandalam Investment and Finance Co. Ltd. (Chola) - Opp.Party(s)

Suman Patra

10 Nov 2023

ORDER

IN    THE   DISTRICT   CONSUMER   DISPUTES   REDRESSAL COMMISSION, BANKURA

  Consumer Complaint No. 35/2023

                                                                                                 Date of Filing: 20.04.2023                  

Before:                                                               

1. Samiran Dutta                             Ld. President.      

2. Siddhartha Sankar Bhui            Ld. Member.                                    

 

For the Complainant:  Ld. Advocate  Jayanta Kr. Mukhopadhyay

For the O.P.: Ld. Advocate Raja Ganguli

 

Complainant 

Surahan Sekh, R/O Bhitsayer Hetia Masjid, Bishnupur, PIN-722 138

Opposite Party

Cholamandalam Finance, Cholamandalam Investment and Finance Co. Ltd. (Chola), Dare House, 1^st Floor, No.2, NSC Bose Road, Parrys, Chennai- 600 001

 JUDGEMENT        

                                                                                                                                                   

Dated:10-11-2023

The case is fixed for delivery of Judgement.

The Complainant’s case is that he purchased one Harvester Machine from Molla Engineering Works, Model No. AW70GV for Rs.26,80,000/- under receipt dated: 28/07/2018 out of which Rs.9,80,000/- was paid as down payment and the balance amount of Rs.17,00,000/- was availed of by way of loan from O.P. / Finance Company under Hire Purchase Agreement No.XTRABKA00002505563 by hypothecating the Harvester Machine. The Complainant duly paid all the Quarterly EMIs to the O.P. and cleared the loan amount with interest but the O.P. did not issue NOC and release the papers of the Harvester Machine claiming a sum of Rs.3,42,521/- by demand notice dated:07/10/2022. Hence this case.

O.P./Finance Co. contested the case by filing a written version denying all the material allegations made in the complaint contending inter alia that the Complainant is a defaulter of loan and as such he is not entitled to get any relief in this case.                                                                                                                                                                                                            

                                                                                                                                                                                  Contd……p/2

                                                                                               Page: 2

.                                                                            -: Decision with reasons: -

Having regard to the facts of the case, submission, contention and documents from both sides the Commission finds that during the moratorium period of COVID-19 Pandemic the Complainant could not pay the EMI of Rs.1,60,000/- payable on 05/05/2020 and the O.P. claimed the said amount with interest  in ignorance of the moratorium benefit extended by the R.B.I. vide Circular dated: 27/03/2020.

Ld. Advocate for the O.P. has referred to a decision of the Supreme Court dated: 23/03/2021 in Writ Petition (C) No. 4760 of 2020 where moratorium benefit during COVID-19 Pandemic was not extended to certain loan but the Complainant’s case does not fall within such restriction.

It is no doubt true that during COVID-19 Pandemic the Apex Court in the said decision passed an order on 23/03/2021 to the effect that there shall not be any charge on interest / compound interest / penal interest during moratorium period i.e. March, 2020 to August, 2020 and the amount already recovered shall be refunded to the concerned borrower and to be given credited / adjusted with the next installment of loan amount and accordingly R.B.I. by two circulars dated: 27/03/2020 &  23/05/2020 implemented the aforesaid order of the Apex Court by giving relief to the borrowers to that extent. But the    O.P. is either ignorant or intentionally claimed EMI by charging the undue interest in violation of the aforesaid guidelines and decision.

The Complainant is therefore liable to pay the only principle EMI of Rs.1,60,000/- which becomes due as on 05/05/2020.

                                                                                                                                                                                        Contd…….p/3

                                                                                                          Page: 3

O.P. is not entitled to claim the inflated amount of Rs.3,42,521/- on that score.

Hence it is ordered……..

That the case be and the same is allowed on contest but without cost.

The O.P. is directed to issue NOC and release all the relevant documents of the Harvester  Machine on payment of Rs.1,60,000/- from the Complainant within one month from this date in default law will take its own course.

Both parties be supplied copy of this order free of cost.

 

 ____________________                _________________         

HON’BLE   PRESIDENT          HON’BLE MEMBER