DISTRICT CONSUMER DISPUTES REDRESSSAL FORUM

WEST TRIPURA : AGARTALA

 

 

CASE NO:  CC – 128  of   2017

 

Sri Arindam Bhattacharjee,

S/O- Late Ajit Kumar Bhattacharjee,

Ramnagar Road No.8,

Agartala, P.O. Ramnagar,

P.S. West Agartala,

West Tripura. .............…...Complainant.

 

         -VERSUS-

 

 

1. General Manager,

Tripura Gramin Bank,

Abhoynagar, Agartala, 

West Tripura.

 

2. Branch Manager,

Tripura Gramin Bank,

Joynagar Branch,

Agartala, West Tripura. ............. Opposite Parties.

 

 

__________PRESENT__________

 

 

 SRI A. PAL,

PRESIDENT,

  DISTRICT CONSUMER 

 DISPUTES REDRESSAL FORUM,

      WEST TRIPURA, AGARTALA. 

 

SMT. DR. G. DEBNATH

MEMBER,

  DISTRICT CONSUMER 

DISPUTES REDRESSAL FORUM, 

  WEST TRIPURA,  AGARTALA.

 

SRI U. DAS

MEMBER,

  DISTRICT CONSUMER 

DISPUTES REDRESSAL FORUM, 

  WEST TRIPURA,  AGARTALA.

 

 

C  O  U  N  S  E  L

 

 

For the Complainant : Sri Basudeb Chakraborty,

  Sri Surajit Bhattacharya,

  Advocates.   

 

For the O.Ps : Sri Tapan Kumar Modak,

   Advocate.   

 

 

JUDGMENT  DELIVERED  ON:  11.04.2018.

J U D G M E N T  

  This case arises on the petition filed on one Arimdam Bhattacharjee U/S 12 of the Consumer Protection Act.

2. Petitioner's case in short is that he has taken a loan amount of Rs.7,65,000/- to be paid within 2 years. 4 nos. of Fixed Deposit Certificates amounting to Rs.2 lacs each and one for an amount of Rs.50,000/- were fixed in the same bank on the condition that accrued interest will be deposited against the loan account. But the loan amount was not paid in time. So, O.P. Gramin Bank liquidated the F.D. before maturity without giving notice to the petitioner and the matured value was not paid. Complainant suffered due to such deficiency of service by the O.P. Gramin Bank & claimed compensation Rs.17,90,000/-. 

 

3. O.P., Gramin Bank appeared, filed Written statement denying the claim. It is stated that loan was taken against the security of five fixed deposit certificates purchased by the petitioner and its value is Rs.8,50,000/-. The condition was to pay the amount with 11% interest as per terms. But complainant did not pay the loan in time so outstanding balance was enhanced to Rs.8,91,512/-. Accordingly, the amount was deducted by liquidating the certificate as per terms and condition. There was no deficiency of service by O.P. 

4. On the basis of contention raised by the parties following points cropped up for determination:

(I) Whether the O.P. liquidated the MIS Fixed Deposit Certificates violating the terms and condition and caused loss to the petitioner?

(II) Whether there was deficiency of service by the O.P. and petitioner is entitled to get compensation?

 

5. Complainant produced the copy of letter, photocopy of F.D. Certificates(5 Nos.), Customer Account Ledger, Photocopy of Advocate's Notice.

 

6. Petitioner also produced the Statement on affidavit of one witness i.e., the petitioner himself. 

 

7. O.P. on the other produced the statement of loan Account, Loan Documents, Photocopy of undertaking/Set Off, Photocopy of Communication letter.

 

8. O.P. also produced the Statement on affidavit of one witness, Manush Kumar Roy, Branch Manager of Tripura Gramin Bank.

 

9. On the basis of all these evidence on record we shall now determine the above points.

 

Findings and decision:

10. We have gone through the Loan documents as produced by O.P. In the loan document repayment schedule was for 2 years. Security was 5 nos. of F.D. Certificates. Rate of interest is 11%. Petitioner is to return the loan amount with interest on demand by O.P. bank. Another letter of set off is submitted by Arindam Bhattacharjee. There it was written that 5 nos. of F.D. for Rs.8,50,000/- as security was given. Liberty was given by Gramin Bank to adjust the account from the proceeds of the receipt or any other receipt issued in renewal on any time until payment made. Nowhere it is written that authority was given to the Gramin Bank to liquidate the 5 nos. of F.D. Certificates at any time for satisfaction of loan.

 

11. We have gone through the loan account and found that petitioner started payment of the loan since 07.10.2013. Last payment was made on 10.08.17 and it was paid by liquidation of F.D. Certificate. Rs.6,000/- paid on 27.06.17. On 10.08.2017 Rs.48,828/- was deposited in the loan account. On the same date on 10.08.2017 the certificates were liquidated by the Gramin Bank.

 

12. We have gone through the photocopy of the certificate and found that interest rate was Rs.9% and principal amount in the 4 certificate was Rs.2 lacs each and one certificate Rs.50,000/-.  At the time of liquidation certificates value was Rs.1,95,312/- and in the certificate for Rs.50,000/- liquidation value was written Rs.48,828/-. As per terms and condition the interest accrued was deposited against the payment of loan. On 06.03.17, Rs.11,000/- was paid by cash. Otherwise the repayment was made from the interest income. 

 

13. Some notices were served upon the petitioner before liquidating the certificates. We have gone through the letters and notices sent and found that on 19.08.17 information was given about liquidation. There it is written that petitioner earned Rs.2,02,710/- as interest. Rs.72,000/- credited against one loan account and Rs.1,30,710/- was also credited against another loan account. There it is written that as per terms principle amount Rs.8,30,076/- the pre-matured value was adjusted. After adjustment also Rs.68,388/- remains outstanding balance. It is not clear how calculation was made.

 

14. Tripura Gramin Bank issued notice on 27.07.2017 informing the liquidation of the loan account amount of Rs.8,98,414/-. It is found that interest of F.D. Certificates were not properly calculated but interest calculation on the loan amount was on the higher side. Gramin Bank hurriedly took the decision to liquidate the F.D. Certificate. This was improper and unjust. 11% interest was in the higher side. We therefore, direct the Bank authority to calculate the fixed deposit interest @ 9% as promised by them and pay the amount and interest on Rs.8,50,000/- to the petitioner. Total amount he is entitled to get is to be calculated. Thereafter the interest amount accrued on the loan amount Rs.7,86,367/- is to be calculated. On deduction of the loan amount from the fixed deposit amount the loan is to settled. After settlement of the loan, rest amount should be refunded to the petitioner.

 

15. We have gone through the statement of account of both the D.W.1 and Bank Official and found that bank hurriedly liquidated the fixed deposit certificates without proper calculation. For such deficiency of service petitioner is entitled to get compensation amounting to Rs.10,000/-. Calculation also not properly done. So calculation should be properly done and on satisfaction of the loan the rest amount should be refunded to the petitioner. Both the points are decided accordingly.

 

16. In view of the above findings over the points, we direct the O.P. Bank to calculate the interest on the loan amount and also fixed deposit account properly and after satisfaction of the loan amount the rest amount, if any is to be refunded to the petitioner along with Rs.10,000/- as compensation for deficiency of service, Rs.5,000/- for litigation cost, in total Rs.15,000/-. Payment should be made within 2(two) months, if not it will carry interest @ 9% P.A. 

 

 

Announced.

 

 

 

 

SRI A. PAL

PRESIDENT,

DISTRICT CONSUMER  DISPUTES 

REDRESSAL FORUM,

WEST TRIPURA,  AGARTALA.

 

 

 

 

SMT. DR. G. DEBNATH,

MEMBER,

 DISTRICT CONSUMER DISPUTES 

REDRESSAL FORUM, 

WEST TRIPURA, AGARTALA SRI  U. DAS

MEMBER,

 DISTRICT CONSUMER DISPUTES 

REDRESSAL FORUM, 

WEST TRIPURA, AGARTALA