Nonpayment of the maturity value of separate investment plans of the depositor herein the complainant has lodge this complaint before this commission U/s 35 of the Consumer Protection Act, 2019 (as amended up to date) alleging deficiency in service as well as unfair trade practice against the O.P as the O.P did not take any step to redress his grievance till filing of this complaint.

The fact of the Complaint Case in brief is that Complainant invested his hard earned money in  F 36 GOLDEN VM scheme/Policy in the year 2016 before HUMARA INDIA CREDIT COOPERATIVE SOCIETY LIMITED having its local  office at Sahara Credit Cooperative Society Limited, Kadamtala, P.S-Kotwali, Dist-Jalpaguri, Pin 735101. After that its maturity date is fixed in different dates of 2019. On completion of maturity period O.P failed to repay the sum. But as no fruitful action taken place from the O.P, the instant case was filed on 06/06/2022 before this commission.

According to the complainant he invested his money with the O.P at Jalpaiguri in the hands of the O.P by maintaining the following schedule.

During the investment period and according to the scheme, the complainant had deposited money according to the above mentioned list. According to the condition of the Schemes, the complainant claimed that he is entitled to get total maturity value of Rs. 293506/- with up to date interest as per norms of the OP. The complainant has made claim as per rule, but no payment has been made by the OP.

The complainant in her averment had prayed for directing the O.P to make payment of Rs. 293506/- as maturity value with 12% interest from the date of cause of action. He also claim a compensation of rupees 50,000/-for harassment and mental agony and other reliefs.  Rs. 50.000/- towards litigation cost.

On the other hand, learned advocate appeared on behalf of the Branch Manager (Sanjay Kumar Singh) Sahara Credit Cooperative Society Limited, Kadamtala, P.S-Kotwali, Dist-Jalpaguri, Pin 735101(OP No. 1) contested this case by filing a written version on the ground stated therein which is kept in the record. He also verbally submitted that the OP is not in a position to make payment to the complainant at this time.

On argument the Ld. Lawyer for the complainant argued that he had submitted proper demand notice but the O.P gave no reply. From the above discussion and as per original documents which are in the record, it is clear that the complainant is entitled to get the maturity value of Rs. 293506/- together with up-to-date interest as per norms of the O.P. It is the deficiency in service on the part of the O.P not to make payment of the maturity amount in time. The complainant is not responsible for the internal disturbance of the O.P.

Perused the record, on perusal of the prayer portion it appears that complainant has prayed for maturity amount (Rs. 293506/- )along with interest of 12% p.a. and compensation of Rs. 100000/- The allegation brought by the complainant remains un-rebutted and unchallenged. Even the Branch Manager, Sanjay Kumar Singh admits the position. So, it appears that complainant is entitled to claim of his maturity amount mentioned in the complaint petition.

Before we settle on the issue of interest and compensation, let us first put in place some of the observation of Apex Court/Hon’ble NCDRC hereunder:

1. In ‘Alok Shankar Pandey—Vs—Union of India & Ors. [II (2007) CPJ 3 (SC)] it is observed—“It may be mentioned that there is misconception about interest. Interest is not a penalty or punishment at all, but it is the normal accretion on capital.

 2. In EMAAR MGF Land Ltd & Ors—Vs—Sudak Kumari Mahajan [2020 (1) CPR 78 (NC), the Hon’ble NCDRC speaks—“There is no justification for awarding separate compensation when interest is also in shape of compensation”.

 3. DLF Homes Pavelkula Pvt Ltd—VS—D.S. Dhandu II (2019) CPJ 117 (SC)—“Grant of Interest @ 9% p.a. is justified.”

Hence,

It is

                                                                           Ordered,

The case CC/41/2022 is allowed on contest in part. O.P is directed to pay the maturity value Rs-293506/- (Two lakh Ninety-three thousand Five Hundred Six Only) along with an interest of 9% p.a. from 08/02/2019 to the complainant with Rs. 5,000/- (Five thousand Only) as litigation cost to the complainant within one month of this order, in default, the amount shall carrying interest @ 9% p.a. from the date of this order, provided the Complainant files original money receipts to O.P.

O.P. is to pay Rs. 10,000/-(Ten thousand only) to the consumer legal aid account of this commission. Complainant is at liberty to execute the decree according to law.

Let plain copy of this order be given to the parties free of cost.