By Sri. K. Gheevarghese, President:
 

The complaint filed alleging deficiency in service on the part of the Opposite Parties for not returning the gold ornaments pledged by the Complainant. The complaint filed was ordered on 31.07.2009. The Appellant/ Opposite Party on appeal challenged the legality of the order in appeal No.619/2009 and the order of this Forum was set aside by the Hon'ble State Consumer Disputes Redressal Commission for a considerable order.

2. The sum up of the complaint is as follows:- The Complainant pledged for 3 sets of gold ornaments for Rs.1,58,400/-. The tenure of the loan got terminated on 09.03.2009 and the Complainant when contacted the Opposite Party with enough cash for closing the loan on receiving the notice, the Opposite Party was not ready for releasing the gold ornaments pledged on receiving reasonable interest. In contrary, the Opposite Party demanded exorbitant sum for the releasing of the gold ornaments pledged. It is a deficiency in service. The complaint is to be allowed with the compensation of Rs.50,000/- along with cost.

3. The Opposite Party filed version. The sum up of the version filed by the Opposite Party is as follows. The gold ornaments pledged was only for a period of 30 days. The Complainant was not ready to pay the interest and principal for the releasing of the gold ornaments. The allegation of the Complainant that the Opposite Party demanded unreasonable and exorbitant sum are absolutely false. The terms in the agreement of the loan was not maintained by the Complainant. In the absence of payment by the Complainant with in the stipulated time as in the agreement, the Opposite Party is entitled for penal charges for the releasing of the pledge ornaments. The Complainant is liable to pay Rs.37,200/- with interest Rs.12,594/- towards the gold loan No.208768 Rs. 76,300/- with interest of Rs.25,673/- towards gold loan No.208769 and Rs.44,900/- with interest of Rs.15,095/- towards gold loan No. 208841 on the 3 heads of loan amount with future interest. The complaint is not maintainable and it is to be dismissed with cost to the Opposite Party.

4. The points in consideration are:-

1. Whether any deficiency in service on the part of the Opposite Parties?

2. Relief and cost.

5. Points No.1 and 2:- The evidence in this case consists of proof affidavit of the Complainant and Opposite Parties, Exts.A1 to A7 and Exts.B1 to B3. The Complainant and Opposite Parties also rendered oral testimony in this case. The duration of the gold loan is only for 30 days as seen in the terms and conditions on pawn receipts. The tenure of the loan was terminated on 09.03.2001. Exts.B1 to B3 are the demand promissory note and pawn tickets. The terms and conditions in the issuance of the three sets of loan are also shown in the reverside of each receipts. It is also admitted by the Complainant that the Complainant has not paid any amount towards the interest and principal as per the terms and conditions of the loan. It is further admitted by the Opposite Parties that if the repayment not made within six months from the date of deposit of the security penal interest at 2% per annum liable to be levied. How ever the interest for the repayment is no where mentioned in the promissory note or the pawn receipts. The contention of the Opposite Party is that the Complainant has not repaid loan amount for the releasing of the gold ornaments. On perusal of documents and circumstances of this case, we are in the opinion that the gold ornaments pledged by the Complainant is to be released on receiving the principal and interest at the rate of 15% per annum for the period. In the absence in repayment by the Complainant the interest and principal at the rate of 15% to the Opposite Parties, the Opposite Parties are at liberty to sell the gold ornaments pledged.

In the result, the complaint is partly allowed. The Complainant is directed to repay the principal and interest at the rate of 15% from the date of the loan till payment for the releasing of the gold. If the Complainant failed to remit the loan amount and its interest towards the 3 sets of gold loan within one month from the receipt of this notice, the Opposite Parties are at liberty to act upon the terms and conditions enunciated in the demand of promissory note. This is to be complied by the Complainant within one month from the date of receiving this order.

Pronounced in open Forum on this the day of 30^th April 2010.

PRESIDENT: Sd/-

MEMBER : Sd/-

MEMBER : Sd/-

A P P E N D I X

Witnesses for the Complainant:

PW1. Sulaiman Haji. Complainant.

Witnesses for the Opposite Parties:

OPW1. O.B. Viju. Manager (in charge), Kalpetta Branch

Manappuram General Finance.

Exhibits for the Complainant:

A1. Pawn Ticket . dt:29.03.2008.

A2. Pawn Ticket . dt:29.03.2008.

A3. Pawn Ticket . dt:31.03.2008.

A4. Receipt. dt:18.03.2009.

A5. Receipt. dt:18.03.2009.

A6. Notice.

A7. Copy of Letter. dt:18.03.2009.

Exhibit for the Opposite Party:

B1. Demand Promissory Note and Pawn Ticket dt:31.3.2008.

B2. Demand Promissory Note and Pawn Ticket dt:29.3.2008.

B3. Demand Promissory Note and Pawn Ticket dt:29.3.2008.