Date of Complaint :  09/09/2015

                                  Date of Disposal :17/08/2016

IN THE KODAGU DISTRICT CONSUMER DISPUTES REDRESSAL FORUM MADIKERI

  JUDGEMENT BY SRI.V.A. PATIL, PRESIDENT

O R D E R

     This is the complaint filed by the complainant under section 12 of the Consumer Protection Act, praying for the direction to the OP to pay the interest in one lampsum as per the direction by the Hon’ble High Court of Karnataka, Bangalore in Company petition No.37/2003, dated 08/10/2004.

1. The brief facts of the complaint are that the complainant had invested some money in the OP Company under 17 different bonds.Subsequently the OP Company filed the company petition No.37/2003 on the file of the Hon’ble High Court of Karnataka, Bangalore.The said matter was disposed off on 08/10/2004 with some guidelines for repayment of the deposited amount to the investors.Accordingly the complainant had received the entire principle amount and it is the contention of the complainant that the OP is due to pay the interest portion on the said deposits, up to 30/03/2002 inrespect of the deposits at Sl.No.08 to 17 and interest from 15/02/2004 in respect of the deposits at Sl.No.01 to 07 as shown in the complaint. Inspite of several remainders OP failed to pay the said interest portion. Hence the complainant approached this Forum seeking the direction to the OP to issue the interest in one lampsum.

    

2. After registering the complaint, notice was issued to the OP and the same is served and the OP appeared through its council, and resisted the complaint and filed the following version.

    

     OP admits the investment of the complainant and denies that the Hon’ble High Court of Karnataka has directed to pay the interest as alleged in the complaint.   It is also admitted that the entire principle amount is paid to the complainant, as per the direction of the Hon’ble High Court.  It is also the contention of the OP that the complainant had filed the Direct Petition number 11/13 before the Direct Legal Services Authority, Madikeri, wherein the matter was ended in the compromise on 01/04/2014, and as per the order of the Hon’ble High Court of Karnataka no interest shall accrued or be payable.  Therefore the complainant is not entitled to receive the interest and the complaint is filed with the ulterior motive to harass the OP and requested this Forum to dismiss the complaint. 

    

3. The complainant and the OP have filed the version, evidence affidavit, and their written arguments along with the documents.On perusal of all the pleadings and documents the points that arise for our consideration are as below.

    

4. Whether the complainant is entitled for the reliefs sought for in the complaint?

5. What order?

    

6. Our findings on the above points are as follows;

            Point No.1 :- Partly affirmative

            Point No.2 :- As per the final order for the following,

    

   R E A S O N S

7. Point No.1:- The complainant had invested some money in the OP company and received the entire principle amount from the OP and it is the contention of the complainant, that the interest portion is due from the OP, as per the direction of the Hon’ble High Court of Karnatka and request this Forum to issue directions to the OP to pay the interest as per the direction of the Hon’ble High Court of Karnataka.

    

8. On verification of the version, affidavits and documents it is observed that the complainant had invested some money with the OP and as per the order of the Hon’ble High Court of Karnataka in Company petition No.37/2003, the complainant received back the entire principle amount, invested.But it is the contention of the complainant that the OP is liable to pay the interest of Rs.23,226/- calculated up to 30/03/2002 on Rs.1,24,000/- and a sum of Rs.55,506/- from 15/02/2004 on the deposit of Rs.3,19,000/-.On verification of the said judgement dated 08/10/2004at page no.81 para no.59 it is clearly mentioned that

    

      “ under the terms of the scheme, what has been agreed upon is, all the deposit holders and creditors, would get back the entire principal amount paid to the company, but in five instalments.  They will also get the interest on the said deposits and bonds up to 31/03/2002.  However no interest is payable subsequent to 31/03/2002 till the actual date of payment.  In other words the creditors and the depositors have compromised their interest with the company to the extent of receiving the principal amount in the period of five years and waiving the interest due to them from 31/03/2002”.

    

         Subsequently the complainant filed the Direct Petition No.11/2013 before the Kodagu District Legal Services Authority, Madikeri, wherein the matter is settled between the parties, wherein on 01/04/2014 the OP admits that “the balance interest will be paid in due course of time”.  Under these circumstances the contention of the OP at para 07 of the version is not acceptable.

    

9. Hence under these circumstances we are of the opinion that the complainant is entitled to receive the interest of Rs.24,227/- calculated up to 30/03/2002 on Rs.1,24,000/-, as shown in page 3 of the affidavit of the complainant.As per the order of the Hon’ble High Court of Karnataka at para No.59 at Page No.81 the creditors and depositors have compromised their interest with the extent of receiving principle amount and waiving the interest due to them from 31/03/2002.Hence, the another prayer of the complainant to get the interest on deposits from 15/02/2004 is not allowed.

    

        Hence, we answer point No.1 in partly affirmative.

    

10. Point No.2:- Hence in the final result we proceed to pass the following ;

     

    O R D E R

11. Complaint filed by the complainant is allowed in part.

12. OP is directed to pay a sum of Rs.24,227/- in one instalment to the complainant within thirty days from the date of this order.

13. Complainant is at liberty to proceed against the OP if this order is not complied, within the period of thirty days.

14. Issue certified copies of this order at free of cost to the parties.

(Dictated to the Stenographer and got it transcribed and corrected and pronounced in the open Forum on this  17^th day of AUGUST 2016)

       (LATHA.M.S.)           (V.A. PATIL)              (K.D. PARVATHY)       

         MEMBER                PRESIDENT                   MEMBER                  

ANNEXURE

        (LATHA.M.S.)           (V.A. PATIL)            (K.D. PARVATHY)      

           MEMBER               PRESIDENT                 MEMBER