FINAL ORDER/JUDGEMENT           

SHRI SWAPAN KUMAR MAHANTY,   PRESIDENT

The complainant alleges that his father Ram Chandra Das since deceased invested  Rs.  72,982/-  to the OP-1 against  F36 Golden VM and OP-1 issued certificate bearing No.  605001642250 dated 26.08.2016.  The said investment is for a period of  60 months and its maturity amount is Rs. 1,12,100/-. Complainant is the nominee of the said certificate bearing No. 605001642250 dated 26.08.2016. Original certificate holder Ram Chandra Das died on 07.10.2020 and the complainant being the nominee of said Ram Chandra Das, since deceased requested the OPs to pay the matured value of the certificate but the OPs did not refund the matured amount. Ultimately, vide letter dated 01.12.2020 complainant requested the OPs to pay the matured value of the certificate and the OP avoided to refund the matured amount. The act of the OPs tantamount to deficiency in service and unfair trade practice. Hence, the complainant approached the Commission by way of Consumer Complaint  seeking refund of  matured amount along with interest, compensation and litigation cost.

OP did not resist the complaint despite service of notices and did not come forward to file any WV within the specified period from the date of receiving notices. Thus, the consumer complaint runs ex parte against the OPs.

Complainant Sri Prasant Das has filed his E/chief supported by an affidavit and he has also relied relevant documents which are annexed with the consumer complaint.

We have heard argument on merit. Perused the evidence of the complainant coupled with material on record. The Ld. Advocate for the complainant has argued that the OPs in spite of receiving huge amount  has miserably failed to refund matured amount to the complainant being the nominee of Late Ram Chandra Das. Complainant further alleged that the OPs  failed and neglect to settle the claim of certificate holder Ram Chandra Das, since deceased. Having no other option left the complainant came before this commission praying for refund the matured  amount along with interest, compensation and litigation cost.

Upon perusal of the consumer complaint coupled with evidence of the complainant and photocopy of the certificate bearing No.  605001642250 dated 26.08.2016, we find that the father of the  complainant invested Rs. 72,982/- to the OP-1 for a period of  60 months. The OPs failed and neglected to pay the matured amount to  the complainant being the nominee of Late Ram Chandra Das without assigning any reason. It also appears that the name of the complainant has been noted in the certificate as nominee

 We have also gone through the photocopy of letter dated  01.12.2020 by which the  complainant requested the OPs to pay the matured amount. Despite letter dated 01.12.2020, the OPs failed and neglected  to refund the matured  amount. The OPs are fully aware that they are liable to refund the matured amount  to the complainant being the nominee of Ram Chandra Das, since deceased.  During his lifetime said Ram Chandra Das,  invested his hard earned money with the OPs. The OPs are deliberate to make illegal gains and to deprive the complainant being the nominee. In fact, the OPs withhold the invested amount which no doubt deceitful manner of trade. Despite  given several opportunity, the OPs failed to file WV to controvert the allegations of the complainant. Thus, the allegations in the complaint are deemed to have been admitted as correct. It is well settled that the allegations made in the complaint, if not denied is deemed to be admitted as correct. Complainant in his E/chief did support the allegations of the complaint. Therefore, it cannot be said that complainant has failed to prove deficiency in service.

According to CP Act, it is benevolent piece of legislation to protect  the consumers from exploitation. The spirit of the benevolent legislation cannot be overlooked and its object is not to be frustrated. The father of the complainant has invested Rs. 72,982/- to the OP-1 against certificate No. 605001642250 dated 26.08.2016 with the hope to get Rs. 1,12,100/-. The OPs arbitrarily did not pay the matured amount to the complainant being the nominee since 26.08.2019. The act and conduct of the OPs is a clear case of depiction, which resulted in the injury and loss of opportunity to  the complainant.  Had the father of the complainant not invested his money with the OPs, he would have invested same elsewhere. The complainant being the nominee of Late Ram Chandra Das cannot be wait indefinitely to get matured amount. The complainant has suffered mental agony and harassment. It is settled principle of law that the compensation should be commensurate with loss of suffered and it should be just, fair and reasonable not arbitral. In this circumstances, the complainant is entitled to get refund of matured amount along with interest, compensation and litigation cost.

On the basis of above discussions, the Consumer Complaint is allowed on contest against the OPs with the following directions:-

1. The OPs are directed to pay Rs.  1,12,100/- (Rupees one lac twelve thousand one hundred) only along with interest  at the rate of 5  percent p.a. from 26.08.2019  till realization to the complainant.

2. The OPs are further directed to pay Rs.  10,000/- (Rupees ten thousand) only  as compensation to the complainant on account of mental agony and physical harassment.

3. OPs are also directed to 5,000/- (Rupees five thousand) only to the complainant as litigation  cost.

The above directions be complied by the OPs with in a period 90 days from today.

For failure or omission in compliance within the stipulated period, the complainant shall be at liberty to put the order in execution under the provisions of CP Act, 2019.

Copy of the judgment be supplied to the parties as per rules. Judgment be uploaded on the website of this Commission forthwith for perusal of the parties.