Before the District Consumer Disputes Redressal Forum, Rohtak.
Complaint No. : 134.
Instituted on : 03.03.2017.
Decided on : 14.01.2019.
Satyawan aged 52 years s/o Sh. Duli Chand, R/o Village Bhaini Surjan, Tehsil Meham, Distt. Rohtak.
………..Complainant.
Vs.
The Magma FinCorp Limited through its Sr. Branch Manager, Delhi Road, Rohtak, having its registered office at 24, Park Street, Kolkata-700016.
……….Opposite party.
COMPLAINT U/S 12 OF CONSUMER PROTECTION ACT,1986.
BEFORE: SH.NAGENDER SINGH KADIAN, PRESIDENT.
SH. VED PAL, MEMBER.
SMT. SAROJ BALA BOHRA, MEMBER.
Present: Sh.Anurag Malik, Advocate for the complainant.
Sh.Gulshan Chawla, Advocate for the opposite parties.
ORDER
NAGENDER SINGH KADIAN, PRESIDENT:
1. Brief facts of the case are that complainant is registered owner of truck no.HR-46-D-6598 and was financed by Magma Fincorp in the year December 2014. That the complainant was paying the installments regularly but unfortunately on 04.09.2015 the truck was stolen by some unknown person and he informed the policy at No.100 and lodged FIR No.427 dated 07.09.2015. That an amount of Rs.1798500/- has been paid by insurer of said truck in complainant’s loan account. That the deposited amount is more than the amount due against the complainant but the OP is further demanding/claiming Rs.44519/- as on 14.06.2016 on account of pre-payment charges and other interest charges. That the demand raised by OP is illegal and amounts to deficiency in service. That the OP is not issuing NOC to the complainant. That the OP has already charged excess amount instead of refund the balance amount of Rs.225000/-. Hence this complaint and the complainant has prayed for directing the OP to issue the NOC and to declare the demand of Rs.44519/- as illegal, to refund the amount of Rs.225000/-alongwith interest, compensation qua harassment and litigation expenses to the complainant as prayed in relief clause.
2. On notice, the opposite party appeared and filed its written reply submitting therein that the OP has disbursed an amount of Rs.1817088/- to the complainant for purchase the vehicle and in this regard a written Hire Purchase loan agreement was got executed between the parties on 08.01.2015. The total agreement amount of Rs.2338940/- including financial income was to be repaid in 47 instalments commenced from 01.01.2015 to 01.12.2018. That complainant is a transporter having number of vehicles financed from several finance companies and banks. That it is denied that complainant was paying installments regularly. That an amount of Rs.1798500/- was received from the insurer of the vehicle and on the receipt of the same amount was adjusted towards the outstanding amount. That an amount of Rs.44519/- stood as outstanding amount, as per terms and conditions but the same was waived off on the request of complainant. That the OP is ready to issue NOC subject to clearance of outstanding amount in other loan agreements. It is denied that the complainant has suffered a huge loss or suffered mental agony and harassment. It is prayed that the complaint of the complainant may kindly be dismissed with heavy cost.
3. Both the parties led evidence in support of their case.
4. Ld. Counsel for the complainant in his evidence has tendered affidavit Ex.CW1/A, documents Ex.C1 to Ex.C3 and has closed his evidence. On the other hand opposite party in its evidence has tendered affidavit Ex.RW1/A, documents Ex.R1 to Ex.R7 and has closed his evidence.
5. We have heard learned counsel for the parties and have gone through material aspects of the case very carefully.
6. After going through the file and hearing the parties it is observed that as per the calculation sheet provided by the complainant placed on record as Annexure-CA, he had availed the loan of Rs.1870088/-. The complainant had already paid 8 instalments and an amount of approximately Rs.4 lacs has been paid by the complainant which includes the principal amount of Rs.294008/- and interest Rs.105992/-. The outstanding principal amount as on 01.09.2015 was Rs.1523080/- and the cheque amount of Rs.1798500/- has been transferred in the account of the complainant by the insurance company. After calculation, the total outstanding amount on dated 14.06.2016 was Rs.1523080/- as principal amount and Rs.140625/- as interest. In this way the total outstanding against the complainant comes to Rs.1663705/-. Hence, as per complainant an excess amount of Rs.134795/- has been paid by him.
7. On the other hand, as per the calculation sheet placed on record by the respondent officials, which is placed on record as Ex.R3, the principal amount of overdue instalments is Rs.305671/-, Finance Income of overdue instalments is Rs.142748/-, Principal Outstanding is Rs.1262665/-, insurance charges is Rs.1798500/-, Foreclosure charges Rs.63133/-, Overdue interest Rs.59329/-, Service Tax Rs.8839/-, Swach Bharat Cess Rs.316/-. The perusal of this statement shows that an amount of Rs.44202/- is still outstanding against the complainant.
8. After perusal of both the calculations, we came to the conclusion that in the statement Ex.R3, foreclosure charges of Rs.63133/- and financial income of overdue instalments of Rs.142748/- have been wrongly charged by the respondent officials from the complainant. In fact the vehicle of the complainant was stolen by some person and the outstanding amount was paid by the insurance company in the account of complainant. So the complainant could not deposit the amount in instalments as per agreement but due to unavoidable circumstances the amount was paid by the insurance company on dated 26.05.2016. So the amount was paid in one time in the account of complainant and account was closed. In this way foreclosure and financial income overdue charges have been wrongly charged from the complainant. The overdue instalment was wrongly charged because the complainant has regularly paid the instalments upto 01.09.2015 and after that on dated 26.05.2016 the amount has been credited in the account of complainant and the same was paid by the insurance company. In this way only 9 instalments were regularly paid by the complainant and thereafter the amount has been paid by the insurance company. But the perusal of the account statement Ex.R3 shows that the financial income overdue instalment have been charged on higher side which could be 50% of the same i.e. Rs.71374/-. In this way the total illegal amount charged by the opposite parties is Rs.71374/- on account of finance income of overdue instalments and Rs.63133/- on account of foreclosure charges i.e. total Rs.134507/-.
9. In view of the facts and circumstances of the case, complaint is allowed and it is directed that opposite party shall issue NOC/No dues certificate to the complainant in respect of Truck No.HR-46-D-6598 and to pay an amount of Rs.134507/-(Rupees one lac thirty four thousand five hundred and seven only) alongwith interest @ 9% p.a. from the date of filing the present complaint i.e. 03.03.2017 till its realization and shall also pay a sum of Rs.5000/-(Rupees five thousand only) as litigation expenses to the complainant within one month from the date of decision.
10. Copy of this order be supplied to both the parties free of costs.
11. File be consigned to the record room after due compliance.
Announced in open court:
14.01.2019.
................................................
Nagender Singh Kadian, President
..........................................
Ved Pal Hooda, Member.
…………………………..
Saroj Bala Bohra, Member.
