The present complaint has been filed by one Khokher-Faujian (Batala/Gurdaspur) Resident Kashmir Singh, by name (the titled complainant) against the titled opposite party financers being aggrieved at their alleged misappropriation of his Truck Loan EMI (Equated Monthly Installment) Repayment Deposits of Rs.10,73,010/- besides drawing upon him an illegal demand for Rs.12,00,000/- having charged interest higher than the mutually-agreed upon ROI (Rate of Interest) @ 2% PA.

2.       The complainant had on 13.04.2016 purchased the Ashoka Leyland 1612 Truck with R.C. No. PB-10-FF-9086 (for earning his livelihood through self-employment) and got it financed on 30.04.2016 @ Rs.13,79,258/- from the OP financers through their authorized agents at his Khokher-Faujian Residence at a mutually consented EMI @ Rs.20,000/- that however was later up-raised to Rs.35,767/-, though unilaterally. The complainant had been plying his Truck around the Batala Area and the OP financers' agents used to collect the repayment installments from his Khokhar-Faujian Residence and in this way/manner he had paid an amount of Rs.10,73,010/- in 30 installments. The complainant has next alleged that many of the so-paid amounts were not credited to his Truck Loan A/c by the OP1.

3.       Further, the complainant had approached the OP financers many a times and sought/requested for settlement of the Truck Loan A/c but the OP kept on delaying the matter on one pretext or the other and continued charging of penal interest etc. Finally, the OP drew an outstanding demand of Rs 12 Lac towards/payable by the complainant, in full and final settlement of accounts besides threats of illegal 'seizure' of the Truck by their Gunda (Bad Character) elements (employed for this very purpose) and misuse of the blank but signed cheques (3 nos of leaves) delivered to the OP's agents at the time advancing the loan.

4.       Lastly, the complainant has prayed for issuance of directives to the OP financers to settle his Truck Loan A/c @ ROI of 2% PA by duly appropriating the repayment deposited by him and not to misuse the blank cum signed 3 nos of cheques (deposited with the OP, by him) and also not to snatch/ seize his Truck PB-10-FF-9086 till the pendency of the present complaint besides to pay him Rs.50,000/- as cost (of the present litigation) and compensation fro having suffered mental harassment & agony. The complainant, in order to support his complaint has produced along with i) his affidavit/deposition ii) Copies of R.C. (Registration Certificate) and D.L. (Driving License), iii) Copy of Insurance Cover Note, and copy of Loan A/c Statement with Dr Balance Rs.12,55,882.87 P as on 14.09.2017.      

5.       Upon notice/summoning by the commission, the opposite party financers appeared through their counsel and filed their written statement comprised of the preliminary as well other (on-merit) objections that are summarized hereunder so as to retain the original fidelity to the extent possible (feasible) as:

6.       The complaint is not maintainable being false, frivolous and vexatious and there has been no deficiency in service on the OP's part and he has not come to the court with clean hands. And, he has not been a consumer as defined under the Consumer Protection Act and the OP office at Ludhiana does not fall within territorial jurisdiction of the honorable commission. On merits, the OP have rebutted the claim of Rs.20,000/- EMI & 2% PA ROI with the loan agreement as duly signed by the complainant. The repayment as claimed by the complainant is also denied and the loan had to be recalled on account of non-deposit of the EMI and lastly the OP have prayed for the dismissal of the complaint with costs.

7.       Lastly, the OP denying all other contents of the complaint has sought its dismissal with costs and have also produced the listed documents in support of their defense.

          i)       Ex.OPW-1/A Affidavit of Mandeep Singh, the authorized person on behalf of the OP financers;

          ii)      Ex.OP-1 Copy of Loan cum Hypothecation Agreement;

          iii)     Ex.OP-2 Copy of Loan Recall Notice dated 08.06.2017;

          iv)     Ex.OP-3 Copies of the Loan Documents DPN, Schedules 1 to 5 and Annexure 1 to 5.     

8.       We have carefully examined the documents/evidence produced on record (along with the scale and scope of ‘adverse inference’ for those ignored to be produced) in order to determine the respective ‘claims’ as pleaded forth by the opposing litigants in the light of the arguments as advanced by their respective learned counsels representing the two respective sides.

9.       We find the complainant has failed to produce any cogent evidence in support of his allegations of 2% ROI, Rs.20,000/- EMI & Repayment Deposits to the tune of Rs.10 Lac etc and in absence of the same these turn out to be just bald allegations sans any legal value and hence legal remedy. Somehow, we neither approve nor accept the complainant's claim that he has deposited the Repayment EMI to the tune of Rs.10 Lac sans any receipt, acknowledgment and evidence of credit/appropriation in his loan account. On the other hand, the OP financers have placed forth sufficient to prove their rebuttal in response to the allegations as put forth by the complainant.   

10.     In the light of the all above, we ORDER dismissal of the present complaint with however no orders as to its cost.

11.      The complaint could not be decided within the stipulated period due to heavy pendency of Court Cases, vacancies in the office and due to pandemic of Covid-19.

12.      Copy of the order be communicated to the parties free of charges. After compliance, file be consigned to record.

 (Naveen Puri)

                                                                 President.

ANNOUNCED:                                 (B.S.Matharu)

JULY 07, 2022.                                          Member.

YP.