DATE OF FILING : 19.04.2010

BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, IDUKKI

Dated this the 31st day of July, 2010

Present:

SRI.LAIJU RAMAKRISHNAN PRESIDENT

SMT.SHEELA JACOB MEMBER

SMT.BINDU SOMAN MEMBER

C.C No.53/2010

Between

Complainants : 1. Arun.K.M S/o Mohanan,

Kalayathumkal House,

Amaravathi P.O,

Kumily Village,

Idukki District.

2. Mohanan S/o Damodharan,

Kalayathumkal House,

Amaravathi P.O,

Kumily Village,

Idukki District.

(Both by Adv: Babichen.V.George)

And

Opposite Parties : 1. The General Manager,

Shriram Transport Finance Company Limited,

Mookambika Complex,

4, Lady Desika Road,

Mylapore, Chennai – 600 004.

2. The Branch Manager,

Shriram Transport Finance Company Limited,

Geetha Commercial Complex,

Near YWCA, Kottayam - 1.

O R D E R

SRI. LAIJU RAMAKRISHNAN(PRESIDENT)

The Ist complainant purchased a Tipper lorry bearing Registration No.KL-7M-7569 from one Mr.Sudheesh at Muvattupuzha on 7.08.2006 by paying an amount of Rs.3,95,000/-. In that amount Rs.95,000/- was given as cash on the same day itself and the balance amount Rs.3 lakhs was availed as loan from the opposite party bank on 1.09.2006. The entire transaction for the loan was done through Mr.Ajesh who is an authorised agent of the opposite party at the office at Ist Mile, Kumily. All the documents and agreement were signed and issued to the opposite party through this Ajesh at Kumily. The repayment of the loan was in 36 monthly instalments with an EMI of Rs.12,160/- starting from 1.10.2006 to 1.09.2009. As per the chart given by the opposite party, the complainant has to pay Rs.4,37,700/- to the opposite party. All the transactions were done by the 2^nd complainant who is the father of the Ist complainant. At the time of availing the loan, the Ist opposite party received two cheque leaves from Federal Bank Limited, Puttadi Branch of the Ist complainant, two cheque leaves from Amaravathi Service Co-operative Bank of the 2^nd complainant, blank stamp papers signed by the complainants and two promissory notes from the complainants. In the loan transaction the complainant paid Rs.4,35,850/- in different installments upto 16.09.2009. Several times the complainant paid more than Rs.12,160/- and lesser than the monthly installment according to the trip sheet of the vehicle. After the payment of the installments, no information was given from the 2^nd opposite party's office, so the complainant approached there on 3.09.2009. Again the complainant approached the 2^nd opposite party on 10.09.2009 and 16.09.2009 for getting the statement of account of the vehicle. But the opposite party denied to supply the same. Later they gave an endorsement to the complainant to pay Rs.1,19,413/-, it is not fare and unfair trade practice. Several times the complainant requested for getting the statement of account of the vehicle loan, but the opposite party denied the same and on 13.01.2010 the complainant sent a registered notice to the opposite party for getting the same. Now about five months has been expired after the last payment. But the opposite party denied to give no objection certificate to the complainant. So the complainant is not able to change the name of the vehicle at the Regional Transport Office and not able to sell the vehicle to another persons. A loss of Rs. 1 lakh has been happened to the complainants due to the act of the opposite party. So this petition is filed for getting the documents given by the complainants at the time of availing the loan and also the No Objection Certificate.
 

2. The opposite parties were absent and called exparte.
 

3. The point for consideration is whether there was any deficiency in service on the part of the opposite parties, and if so, for what relief the complainant is entitled to?

4. The evidence consists of the oral testimony of PW1 and Exts.P1 to P6(series) marked on their side.

5. The POINT :- The petition is filed for getting the hypothecation termination letter and the documents issued to the opposite party finance company by the complainant. The 2^nd complainant was examined as PW1. PW1 is the surety of the loan availed by the Ist complainant from the opposite party bank for an amount of Rs.3 lakhs for the purchase of a Tipper Lorry bearing Reg.No. KL-7M-7569. All the documents were entrusted to one Ajesh who is an authorised agent of the opposite party. PW1 and his son, who is the Ist complainant, singed in the agreement at the office of the opposite party at Kumily. There were total 36 installments for the loan and the total amount of Rs.4,37,700/- was to be repaid in a period from 1.10.2006 to 1.09.2009 with an EMI of Rs.12,160/-. Ext.P1 is the copy of the repayment schedule of the opposite party. Blank stamp papers, promissory notes and two cheque leaves each of both complainants were given as security at the time of availing the loan. The complainant repaid an amount of Rs.4,35,850/- in the loan account upto 16.09.2009. Ext.P2 is a receipt dated 13.10.2006 for an amount of Rs.12,160/-. Ext.P3(series) are the receipts issued by the opposite party from 2.01.2007 to 31.12.2007. Ext.P4(series) are the receipts issued by the opposite party from 4.02.2008 to 5.12.2008. But the opposite party never supplied the statement of account even repeated requests. Ext.P5(series) are the receipts from 13.01.2009 to 10.09.2009. But they have demanded an amount of Rs.1,19,413/-, when the complainants requested for the statement of account. It is also written in the back side of the Ext.P5(e) bill. So the complainant constrained to send a registered notice on 13.01.2010 for getting the statement of accounts and copy of the same with postal AD card is marked as Ext.P6.
 

6. As per PW1, the Ist complainant, who is the son of PW1 availed a loan of Rs.3 lakhs in which PW1 is the surety and the repayment of the loan was for 36 installments, each amounts to Rs.12,160/-. They have repaid the entire amount within the stipulated period but the payment was varied as per the hire trips of the vehicle. Ext.P2(series) to Ext.P5(series) shows the same. But the opposite party demanded for a hike amount without giving the statement of account even repeated requests made by the complainant. As per the repayment schedule and the bills produced, no payment was done in five of the months such as on 3/07, 3/08, 5/08, 6/08 and 3/09. But in the month of 9/09 the complainant paid an amount of Rs.30,000/-. So almost the entire amount of the loan has been repaid by the complainant. PW1 deposed that he paid an amount of Rs.4,35,850/- upto 16.09.2009. The entire loan amount is Rs.4,37,700/- as per Ext.P1, repayment schedule. But the opposite party never issued the statement of accounts, which is a gross unfair trade practice. So the opposite party must settle the account of the complainant's loan as per Ext.P2(series) to Ext.P5(series) bills produced by the complainant. If any payment done by the complainant more than the installment amount in any of the months, that must be deducted to the months in which there is no payment. If any installment is due evenafter accounting the same, the complainant should pay that amount with 12% interest from the date of that due.
 

Hence the petition allowed. The opposite parties are directed to issue a statement of accounts to the complainants in the vehicle loan of the Ist complainant, for the Tipper Lorry bearing Registration No.KL-7M-7569. The opposite parties are directed to settle the loan account of the complainants with an amount of Rs.4,37,700/- and as per Ext.P2 to Ext.P5(series) bills produced by the complainants. If any amount paid by the complainants as advance instalments other than the interest, that amount should be deducted to the non-payment months instalment. After accounting the same if any amount is due to the opposite party, the opposite party can charge an interest with 12% from the date of due. The opposite parties are also directed to return all the documents which are produced by the complainants at the time of availing the loan and also pay Rs.2,000/- as cost of this petition within one month of receipt of a copy of this order, failing which the amount shall carry 12% interest per annum from the date of default.
 

Pronounced in the Open Forum on this the 31^st day of July, 2010

Sd/-
 

SRI. LAIJU RAMAKRISHNAN(PRESIDENT)

Sd/-
 

SMT. SHEELA JACOB(MEMBER)

Sd/-
 

SMT. BINDU SOMAN(MEMBER)

APPENDIX

Depositions :

On the side of Complainant :

PW1 - Mohanan

On the side of Opposite Parties :

Nil

Exhibits:

On the side of Complainant:

Ext.P1 - Repayment Schedule dated 2.03.2007

Ext.P2 - Receipt dated 13.10.2006 for Rs.12,160/-

Ext.P3(series) - Receipts issued by the opposite party from 2.01.2007 to 31.12.2007(14 Nos)

Ext.P4(series) - Receipts issued by the opposite party from 4.02.2008 to 05.12.2008(12 Nos)

Ext.P5(series) - Receipts issued by the opposite party from 13.01.2009 to 10.09.2009(9 Nos)

Ext.P6 - Photocopy of registered notice dated 13.01.2010 issued by the complainant to the 2^nd opposite party with postal AD Card

On the side of Opposite Parties :

Nil