Present (1) Nisha Nath Ojha,
District & Sessions Judge (Retd.) President
(2) Smt. Karishma Mandal,
Member
(3) Anil Kumar Singh
Member
Date of Order : 17.07.2018
Nisha Nath Ojha
- In the instant case the Complainant has sought for following reliefs against the Opposite party:-
- To direct the opposite parties no. 1 to 3 to pay the decree face value amount Rs. 50,000/- along with interest from the date 16.07.2011 till and final payment of such amount.
- To direct the opposite parties to pay Rs. 40,000/- as Compensation.
- To direct the opposite parties to pay Rs. 5,000/- as litigation cost.
- The facts of this case lies in a narrow compass which is as follows:-
The complainant has asserted that he has purchased IDBI Deep Discount Bond 98-A issued under clause A of Sub – Section – 1 of Section 11 of the Industrial Development Bank of India 1964 vide annexure – 1. The complainant discharged all his obligation and liability imposed upon him under the aforesaid bond containing annexure – 1. The aforesaid bond certificate (annexure – 1) has been issued under signature of Director and Chairman of Industrial Development Bank of India in which it is mentioned that the aforesaid bank promises to pay the holder on demand the sum of Rs. 1,00,000/- per bond under certificate and the holder of the bond shall have option to redeem the bond on the date mentioned in annexure – 1.
It is further case of the complainant that as per terms of bond he has received Rs. 25,000/- on 16.11.2005 but on 16.02.2011 i.e. after 12 (twelve ) year and 3 (three) months of issuing date, the opposite parties were required to pay Rs. 50,000/- by 16.02.2011. When the aforesaid deemed face value of Rs. 50,000/- was not paid to the complainant the complainant thereafter filed an application to opposite party no. 3 with a prayer to pay the deemed value of Rs. 50,000/- as will appear from annexure – 2, 2/A and 3 but despite that when the aforesaid amount was not given to complainant, then vide annexure – 4 legal notice was given to opposite party no. 3 but no action has been taken.
When the grievance of the complainant was not redressed by the opposite parties, then this complaint was filed by the complainant on 18.04.2013. It further transpires from the record that when the registered notice issued to opposite parties did not return unserved, then vide order dated 07.09.2015 valid Tamila was declared. When the opposite parties did not filed written statement despite allowing sufficient opportunity then this case was heard ex – parte because all the attempts of this forum to hear the opposite parties has failed.
It goes without saying that as the aforesaid fact has been asserted by the complainant on oath and there is no counter version of the opposite parties hence we have no option but to rely on the fact stated by the complainant in this complaint petition.
It is needless to say that the aforesaid fact clearly disclose deficiency on the part of opposite parties because opposite parties have failed to pay Rs. 50,000/- as per terms and conditions containing annexure – 1 i.e. certificate on due date i.e. on 16.02.2011. Even in the Para – 3 of supplementary affidavit it is stated that the aforesaid amount of Rs. 50,000/- has not been received by the complainant.
For the reason stated above we direct the opposite parties to pay Rs. 50,000/- ( Rs. Fifty Thousand only ) as per terms and conditions of annexure – 1 within the period of two months from the date of receipt of copy of this order or certified copy of this order. The opposite parties are further directed to pay 10% interest on the aforesaid amount of Rs. 50,000/- ( Rs. Fifty Thousand only ) from 16.02.2011 till the final payment is made.
Opposite parties are further directed to pay Rs. 5,000/- ( Rs. Five Thousand only ) to the complainant by way of compensation and litigation costs within the period of two months.
Accordingly, this complaint stands allowed to the extent referred above.
Member Member (F) President
