ORDER
SH. RAKESH KAPOOR, PRESIDENT
On 20.4.2010 ,the complainant had taken a loan of Rs. 50,000/- from the OP under its Hire-Purchase Finance Scheme. The loan was repayable in 30 EMIs of Rs. 2420/- each. As per the complainant, the loan was advanced at an interest rate of 16% p.a. It is the case of the complainant that he has repaid the loan amount along with interest of Rs. 17,000/-. It is also his case that he had made full and final payment of Rs. 11,200/- on 18.12.2012 vide receipt no. 1787 issued by the OP. The grievance of the complainant is that despite receiving the entire loan amount along with interest, the OP has neither issued an NOC nor has given the required HP certificate despite repeated requests. He has , therefore, approached this forum for redressal of his grievances.
The complaint has been contested by the OP who has filed a written statement and has taken preliminary objections that the complaint is misconceived, groundless and unsustainable in law. The OP has contested the complaint on merits and has admitted that the complainant had taken a loan for Rs. 50,000/- from it in the month of April 2010. It has denied that the loan was taken on an interest rate of 16% p.a. and has claimed that the rate of interest was 17% p.a.. It has further claimed that the complainant had undertaken to pay overdue / penal interest at the rate of 3% p.a. on delayed payment of installments. It has claimed that a sum of Rs. 6240/- was due and payable under the loan account by the complainant. It has claimed that the complaint has no merits and is liable to be dismissed. It has prayed accordingly.
We have heard arguments advanced at the bar and have perused the record.
During the pendency of the complaint we had directed the OP to place on record a copy of the agreement vide which the loan of Rs. 50,000/- had been advanced to the complainant. This was necessary to ascertain the rate of interest and the other levies which were chargeable on late payment. The OP has failed to place on record, the original agreement or a copy of the same and has also failed to place on record any statement of account showing the amounts received and the amount due. It appears to us that the OP has deliberately held back the copy of the agreement as its production would not have supported its defence taken in the written statement.
While taking an adverse view of the failure of the OP to file on record the agreement, under which loan had been advanced to the complainant, we are inclined to hold that the complainant has cleared the entire loan and nothing is due to be paid to the OP. We hold the OP deficient in rendering service to the complainant and direct it as under:-
- Zeroise the account of the complainant and issue to him an NOC forthwith.
- Pay to the complainant a sum of Rs. 10,000/- as compensation for pain and agony suffered by him.
- Pay to the complainant a sum of Rs. 2500/- as cost of litigation.
The OP shall comply with this order within a period of 30 days from the date of this order failing which it shall be liable to pay interest on the entire awarded amount @ 10% per annum. IF the OP fails to comply with this order, the complainant may approach this Forum for execution of the order under Section 25/27 of the Consumer Protection Act.
Copy of the order be made available to the parties as per rule. File be consigned to record room.
Announced in open sitting of the Forum on.....................
