Orissa

Cuttak

CC/54/2022

ITI Techno Agro Pvt Ltd - Complainant(s)

Versus

Managing Director,Mahindra & Mahindra Financial Services Ltd - Opp.Party(s)

N K Dash & associates

12 Jun 2023

ORDER

IN THE COURT OF THE DIST. CONSUMER DISPUTES REDRESSAL COMMISSION,CUTTACK.

C.C.No.54/2022

         M/s. ITI TECHNO AGRO PVT. LTD.,

         Bhairpur,(In front of HP  Petrol Pump),

         P.O/P.S:Jagatpur,Dist:Cuttack-754200,

         Represented through its Managing Director,

         Bankim Roy, S/O:Late Kalipada Roy.    ... Complainant.

 

          Vrs.                        

 

1. MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.,

Represented through its Managing Director,

Regd. Office at:Gateway Building,Apollo Bandar,

                    Mumbai-400001

 

2. The Chief Executive Officer,

MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.,

               At-2nd Floor,Sadhana Tower,Behind Mahingra Towers

570 TS Marg,Worley,Mumbai-4000018.

 

3. Branch Manager,

MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.,

                 At- 1^st floor,Unit-1,Nandighosh Area,G,A1,Plot No 1246,

Bapuji Nagar,Bhubaneswar-751009.

 

4. Branch Manager,

MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD.,

                 At-2nd Floor,Sumitra Plaza,Arundoya Nagar

Near Govt. Bus Stand,P.O: Arunodaya Market,

P.S: Badambadi,Town/Dist:Cuttack-753012.                            ...Opp. Parties.

 

 

Present:            Sri Debasish Nayak,President.

                             Sri Sibananda Mohanty,Member.

 

Date of filing:    30.03.2022

Date of Order:  12.06.2023

 

For the complainant:            Mr. N.K.Dash,Adv.& Associates.

For the O.Ps :                         None.

 

 

Sri Debasish Nayak,President.

 

          Case of the complainant bereft unnecessary details as made out from the complaint petition in short is that the complainant had availed a financial loan of Rs.12,06,000/- from the O.Ps vide sanction letter dated 15.4.2019 which was to be repaid in 59 number of instalments.   Due to the Covid-19 pandemic situation, the complainant could not pay the regular E.M.Is for which on request, the loan was restructured and accordingly the unpaid loan of Rs.10,37,224/- as in the month of July,2021 was to be repaid alongwith interest of Rs.3,09,004/- in 50 number of instalments effective from 5.8.2021 till 2.5.2025.  Out of which, the first six months would be of Rs.14,000/- per E.M.I and the remaining instalments would be of Rs.28,687/- per EMI.  The complainant had also availed Rs. 2,12,950/- under the Guaranteed Emergent Credit Line which is a scheme floated by Govt. of India for the wake of pandemic Cov-19 and the interest therein was to be paid in 12 months and thereafter the principal would follow.  The complainant further alleges that the O.Ps had deviated from the said scheme and had charged instalments with effect from, April,2021 whereas the loan was sanctioned in his favour in the month of March,2021.  According to the complainant, the personal loan under GECL scheme of Rs.2,12,950/- was supposed to be repaid with interest of Rs.67,634/- in 48 number of instalments effective from 5.4.21 to 5.3.2025.  The complainant had paid the instalments up to November,2021 but he again wanted to restructure the said loan.  He was advised that his grievance would be materialised after the financial year ending on 31^st March,2022.But the O.Ps had repossessed the vehicle of the complainant on 22.3.2022 for which the complainant had approached this Commission seeking possession of its vehicle bearing Regd. No.OD-05AQ-2644.

          Together with the complainant petition, the complainant has submitted copies of several documents in order to prove his case.

2.       Having not preferred to contest this case, the O.Ps have been set exparte vide order  dated 28.6.2022.

3.       The points for determination in this case are as follows:

i.          Whether the case of the complainant is maintainable?

ii.         Whether there was any deficiency in service on the part of the O.Ps?

iii.        Whether the complainant is entitled to the reliefs as claimed by him?

Point No.ii.

Out of the three points, point no. ii being the pertinent one is taken up first for consideration here in this case.

             The complainant had availed a financial loan of Rs.12,06,000/- from the O.Ps vide sanction letter dated 15.4.2019 which was to be repaid in 59 number of instalments.   Due to the Covid-19 pandemic situation, the complainant could not pay the regular E.M.Is for which on request, the loan was restructured and accordingly the unpaid loan of Rs.10,37,224/- as in the month of July,2021 was to be repaid alongwith interest of Rs.3,09,004/- which was to be repaid in 50 number of instalments effective from 5.8.2021 till 2.5.2025 out of which the first six months would be of Rs.14,000/- per E.M.I and the remaining instalments would be of Rs.28,687/-.  The complainant had also availed Rs.2,12,950/- under the Guaranteed Emergent Credit Line which is a scheme floated by Govt. of India for the wake of pandemic Cov-19 and the interest therein was to be paid in 12 months and thereafter the principal would follow but the O.Ps had deviated from the said scheme and had charged instalments with effect from, April,2021 whereas the loan was sanctioned in his favour in the month of March,2021.  According to the complainant, the personal loan under GECL scheme of Rs.2,12,950/- was supposed to be repaid with interest of Rs.67,634/- in 48 number of instalments effective from 5.4.2021 to 5.3.2025.  The complainant had paid the instalments up to November,2021 but wanted to restructure the loan and without considering her request, the O.Ps had repossessed her vehicle on 22.3.2022.

          The allegation of the complainant that even though the GECL loan was sanctioned in the month of March,2021, the O.Ps had deducted the instalments from the month of April,2021 but quite interestingly, the complainant has mentioned in his complaint petition that the said GECL loan alongwith interest was to be recovered from him in 48 number of instalments effective from 5.4.2021 to 5.3.2025.  Thus, it is not understood as to in which manner the complainant was affected then.  Moreso, the complainant after executing the loan-cum-hypothecation agreement with the O.Ps had obtained loan but he could not pay the regular E.M.Is for which on his request, the loan was restructured and again he had defaulted in paying the restructured E.M.Is for which the O.Ps had repossessed his vehicle on 22.3.2022.  Accordingly, this Commission finds no deficiency in service on the part of the O.Ps since because the complainant became a defaulter and the O.Ps on his request had restructured the  loan but again the complainant became defaulter for which there was definitely a breach in the terms and conditions of the loan-cum-hypothecation agreement and the same had entitled the O.Ps to proceed as per law for repossessing the vehicle in order to secure the loan advanced by them towards purchase of the vehicle by the complainant.  Accordingly, this point goes in favour of the O.Ps only.

Points  no.i& iii.

From the discussions as made above, the case of the complainant is not maintainable and the complainant is not entitled to the reliefs as claimed by him.  Hence, it is so ordered;

                                                          ORDER

Case is dismissed exparte against the O.Ps and as regards to the facts and circumstances of the case without any cost.

Order pronounced in the open court on the 12^th day of June,2023 under the seal and signature of this Commission.          

                                                                     

                                                                                                                   Sri Debasish Nayak

                                                                                                                             President

 

 

                                                                                                                 Sri Sibananda Mohanty

                                                                                                                              Member