DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, PALAKKAD
Dated this the 4th day of January, 2024
Present : Sri. Vinay Menon .V., President.
: Smt. Vidya A., Member.
: Sri. Krishnankutty N. K., Member.
Date of filing: 22/08/23.
CC/217/2023
Usha Devidasan Nair, - Complainant
Anirudh, 14/264, Madasseri Road,
Edathara P.O, Palakkad 678 611
(Party-in-person)
V/s
1. Chopra
Chairman & Non Executive Independent - Opposite party
Director of FEL (Future Enterprises Ltd.)
Flat No. 4A, Floor, Harmony Tower,
Dr. E Moses Road, Worli Naka.
Worli – Mubai – 400 018
2. Kishore Biyani
Vice-Chairman and Non-Executive Director of FEL
(Furture Enterprises Ltd.) 406,
Jeevan Vihar, Madhav Mandir Road,
Malabar Hill, Mumbai – 400 016.
3. Vijay Biyani
Managing Director of Future Enterprises Limited
Flat No 3603, Vivarea Towers
B-wing, S.G Marg, Jacob Circle,
Mahalaxmi, Mubai – 400 011
4. Dinesh Maheshwari
Executive Director & CFO,
Future Enterprises Ltd.,
B-1601, Gokul Gagan Tower,
Thakur Village, Kandivalli (East)
Mumbai – 400 101.
(All OPs Ex-parte)
O R D E R
Prepared by Sri. Krishnankutty N .K, Member
- Pleadings of the complainant in brief
The complainant deposited Rs 20,000/- on 07/01/2020 with M/s Future Enterprises Ltd, of which, the opposite parties are Directors. The deposit was for a tenure of 3 years and the maturity value payable on the due date (07.01.23) was Rs 27,175/-. The complainant sent the fixed deposit to the address mentioned in the receipt for redemption, but the same got returned undelivered without any remarks. Though she tried to contact their FD Department, Corporate Office and Registered Office through phone and e-mail all efforts were in vain. They closed their Palakkad office also.
Aggrieved by this the complainant approached this Commission seeking direction for redemption of the fixed deposit apart from the cost.
2. Notices were issued to the opposite parties, they entered appearance, but failed to file version within the statutory period, hence were set ex-parte.
3. The complainant filed Proof Affidavit and marked exhibits A1 to A4 as evidence. Ext A1 is the acknowledgement slip for the fixed deposit of Rs 20,000/-. Ext A2 is the brochure of the fixed Deposit scheme, Ext.A3 is copy of the fixed Deposit Receipt and Ext A4 is the copy of the postal cover returned undelivered without any remarks as endorsement.
4. Ext. A3, the Fixed Deposit Receipt clearly show the details of the deposits including the date of maturity as 07/01/23. Accordingly the maturity value of Rs 27,175/- was payable to the complainant on 07/01/23. The procedure for redemption is also printed on the back of the receipt. Hence the OPs should have received the FD receipt and paid the maturity proceeds to the complainant as per the procedure given there. Ext A4 shows that the postal cover containing the receipt sent to them got returned undelivered.
5. The non payment of fixed deposit amount along with interest on the due date is a definite case of deficiency in service or unfair trade practice on the part of opposite parties.
6. However in the Proof Affidavit filed by the complainant it has been informed that M/s Future Enterprises Ltd is under Corporate Insolvency Resolution process and as advised by the Resolution Professionals the details of the fixed deposit has been mailed to them on 28/10/23.
7. As the liabilities to the creditors to the company are to be settled under the provisions of IBC code and the complainant has already furnished the details to the Resolution Professional, the complainant’s claim will be settled under the provisions of that law.
8. In the result the complaint is disposed off as “matter referred for resolution under IBC Code”.
Pronounced in open court on this the 4th day of January 2024
Sd/-
Vinay Menon V
President
Sd/-
Krishnankutty N K
Member
