Samaresh Kumar Mitra, Presiding Member.
This case has been filed U/s.12 of the Consumer Protection Act, 1986 by the complainant that the complainant is the proprietor of BINAPANI ELECTRIC and he need a bank loan to overcome his business unit. So, he requested the opposite party to provide a loan for business purpose and the opposite party accepted the same for giving term loan of business purpose and pursuant to the request of the opposite party the complainant bonafidely provides all essential documents for granting term loan and on 26.9.2012 the opposite party disbursed the loan in favour of the complainant vide a/c no. 0154300168960 and Romio Das & Mitali Das as guarantor and at the time of said loan transaction the opposite party assigned some assets like proposed LIC bonds and 6 KVPs bonds total amounting to Rs.28,000/- of the complainant for granting said term loan and on 17.4.2018 the complainant repaid full amount of term loan installment to the opposite party and on 18.4.2018 the opposite party provided a loan repayment certificate to the complainant but till today the opposite party not returned said 6 KVPs and LICs bond and inspite of giving several notices does not cooperate with the complainant to reassign the said assets and the cause of action arose on 26.9.2012 and lastly on 20.12.2018.
Complainant filed the complaint petition praying directions upon the opposite party to pay sum of Rs.28,000/- of KVPs amount with interest up till now and to pay a sum of Rs.1,00,000/- of LIC bond amount with interest up to date and to pay a sum of Rs.3,72,000/- as harassment, mental agony and paid and to give any relief or reliefs and to pay the cost of the suit.
The opposite party contested the case by filing written version denying inter-alia all the material allegations as leveled against him. This opposite party submits that since the issuing authorities of those LIC policies and KVPs are Govt. offices and those Govt. offices after assignment became the custodian of the policies and certificates and they are having the sole and absolute authority to reassign and liquidation of the matured amount to the assignee, the opposite party bank from the date of repayment of the loan amount has been constantly pursuing the matter with the concerned LIC office and Post Office for reassignment and payment of the matured KVP amount. The opposite party on various occasion informed the complainant about the circumstances beyond control of the opposite party and the reason for delay cause by the Govt. offices and the opposite party wrote letters to the concerned office on several times and even personally visited the offices and approached them. The opposite party informed whole matter to the complainant over telephone as well as by letters but the complainant never visited the opposite party and the maturity amount of the KVPs with interest of Rs.68880.29 has already been credited to the account of complainant on 28.8.2019. So there is no need to proceed with the case. Thus, he prayed to dismiss the case.
The complainant filed evidence on affidavit which is nothing but replica of complaint petition and supports the averments of the complainant in the complaint petition and denial of the written version of the opposite parties.
Complainant filed written notes of argument. The evidence on affidavit and written notes of argument of complainant are taken into consideration for passing final order.
Argument as advanced by the agent of the complainant heard in full.
From the discussion herein above, we find the following issues/points for consideration.
Issues/points for consideration
- Whether the complainant is the consumer of the opposite party or not?
- Whether this Forum has territorial/pecuniary jurisdiction to entertain and try the case?
- Whether there is any deficiency of service on the part of the opposite party?
- Whether the complainant is entitled to get relief or not?
DECISIONS WITH REASONS
All the points are taken together for easiness of the discussions of this case.
- In the light of the discussion hereinabove and from the materials on record, it transpires that the complainant is a Consumer as provided by the spirit of Section 2 (1) (d) (ii) of the Consumer Protection Act, 1986, the complainant herein is a consumer of the opposite party.
- Both the complainant and the opposite party are residents/having their office addresses within the district of Hooghly. For mental agony and other expenses which is within Rs.20,00,000/- limit of this Forum. So, this Forum has territorial/pecuniary jurisdiction to entertain and try the case.
3).The complainant in his argument averred that the he is the proprietor of BINAPANI ELECTRIC and he needed a bank loan to overcome his business unit so he requested the opposite party to provide a loan for business purpose and the opposite party accepted the same for giving term loan and on 26.9.2012 the opposite party disbursed the loan in favour of the complainant vide a/c no. 0154300168960 and Romio Das & Mitali Das as guarantor and at the time of said loan transaction the opposite party assigned some assets like 4 LIC bonds vide policy nos 436228271,4382385506,434856165 &434856164 and 6 KVPs bonds total amounting to Rs.28,000/- of the complainant for granting said term loan and on 17.4.2018 the complainant repaid full amount of term loan installments to the opposite party and on 18.4.2018 the opposite party provided a loan repayment certificate to the complainant but till today the opposite party not returned said 6 KVPs and LICs bond and in spite of giving several notices does not cooperate with the complainant to reassign the said assets.
The opposite party by filing written version averred that since the issuing authorities of those LIC policies and KVPs are Govt. offices and those Govt. offices after assignment became the custodian of the policies and certificates and they are having the sole and absolute authority to reassign and liquidation of the matured amount to the assignee. That the opposite party bank from the date of repayment of the loan amount has been constantly pursuing the matter with the concerned LIC office and Post Office for reassignment and payment of the matured KVP amount. The opposite party on various occasion informed the complainant about the circumstances beyond control of the opposite party and the reason for delay caused by the Govt. offices and the opposite party wrote letters to the concerned office on several times and even personally visited the offices and approached them. The opposite party informed whole matter to the complainant over telephone as well as by letters but the complainant never visited the opposite party and the maturity amount of the KVPs with interest of Rs.68880.29 has already been credited to the account of complainant on 28.8.2019. So there is no need to proceed with the case.
After hearing the argument of the complainant and perusing the documents it appears that the complainant took loan from the opposite party by depositing a few KVPs & a few LIC policies as collateral securities. After the repayment of the impugned loan the complainant approached the opposite party to return those securities. Dispute cropped up in between the parties when the opposite party could not return/reassign the same. Opposite party admitted in his written version that he tried his best to return those KVPs & LIC policies and wrote letters to the concerned Post Office & LIC office followed by reminders. Inspite of several requests and reminders the concerned Post Office & LIC office failed to provide those KVPs & LIC bonds to the complainant as per request of the opposite party bank. So the complainant getting no alternative preferred the recourse of this Forum praying directions as incorporated in the prayer portion of the complaint petition. It appears from the photocopy of transaction inquiry of A/C no. 0154050235860 of Binapani Electric that a sum of Rs.68880/- deposited in the account on 28.08.2019 by maturity value of KVP of 6 Nos. and the opposite party by its letter dated 28.08.2019 informed the complainant regarding such transfer of matured value. So the matured value of the 6 KVPs transferred in the account of the complainant during the pendency of the complaint petition. But it is clear from the letters & reminders of the opposite party that the 2 LIC policies are in the custody of the opposite party bank. It is the duty of the opposite party bank to release the securities immediately after repayment of the loan. The photocopy of letter dated 14.09.2018 of complainant clearly speaks that the LIC policies being Nos a)438238506 & b)438244146 are yet to be reassigned & it is corroborated by letter dated 25.04.2019 of the opposite party. The complainant rightly exhausted his right by filing this complaint petition before the CDRF, Hooghly within the territorial and pecuniary jurisdiction.
After a careful consideration this Commission is in the opinion that the complainant suffered at the behest of negligence on the part of the opposite party. So, the opposite party cannot evade his responsibilities in respect of non providing/ supplying the LIC policies assigned for taking loan. As such the complaint petition is deserved to be allowed with cost and compensation.
ORDER
Hence, it is ordered that the complaint case being no. 46 of 2019 be and the same is allowed on contest with a litigation cost amounting to Rs.10,000/-.
The opposite party is directed to return the LIC policies within 45 days from the date of passing this order, in default the opposite party is liable to pay the matured amount of those policies along with interest @12% since the date of maturity till realization.
The opposite party is further directed to pay compensation amounting to Rs.40,000/-to this complainant for harassment & mental agony within 45 days from the date of passing this order.
At the event of failure to comply with the order the opposite party shall pay cost @ Rs.50/- for each day’s delay, if caused, on expiry of the aforesaid 45 days by depositing the accrued amount, if any, in the Consumer Legal Aid Account.
Let a plain copy of this order be supplied free of cost to the parties/their Ld. Advocates/Agents on record by hand under proper acknowledgement/sent by ordinary post for information and necessary action.
