IN THE CONSUMER DISPUTES REDRESSAL FORUM, ALAPPUZHA
Wednesday, the 31th day of August, 2016
Filed on 13-10-2014
Present
1) Smt. Elizabeth George (President)
2) Sri. Antony Xavier (Member)
3) Smt. Jasmine D (Member) in
CC/No. 259/2014
Between
Complainant: Opposite party:
Ajesh Kumar Manappuram Finance Ltd.
S/o Aravindakshan Chengannur Branch
Kandathil, Pandanadu Rep. by its Branch Manager Chengannur (By Adv. Supriya)
(By Adv. B. Sivadas)
O R D E R
SMT. ANTONY XAVIER (MEMBER)
The complainant’s case in succinct is as follows:-
The complainant on 31st January 2012 availed a gold loan amount of Rs. 1, 27,000/-(One lac twenty seven thousand) from the opposite party on pledging 55.5 grams of gold ornaments. The complainant has remitted a total amount of Rs.83,643/-(eighty three thousand six hundred forty three only) towards the payment of the said loan. Thereafter on 18th October 2014, the complainant approached the opposite party with a view to clear off the debt and to release the ornaments. The opposite party to the shock of the complainant a statement of account further demanding an exorbitant amount of Rs. 1,47,016/-(One lac forty seven thousand sixteen only) from the complainant. The complainant made queries as to the rate of interest computed by the opposite party committed service deficiency. The complainant on being aggrieved on this approached this Forum for compensation and other relief.
2. Notice was served, and the opposite party turned up and filed version. The crux of opposite party’s contention is that the opposite party followed strictly all the procedures as laid down by RBI. The complainant after pledging the ornaments never made any attempt to redeem the pledged ornaments. At the time of availing the loan amount the opposite party has convinced the complainant all about the loan transactions, and issued the pawn ticket which clearly describes the terms and conditions as to the material loan. In the said pawn ticket the amount advanced per gram, the rate of interest at different stages all have been specifically stated. The complainant has accepted all these conditions and affixed his signature on the pawn ticket acknowledging all the aforesaid conditions, the opposite party fervently contends. The opposite party gave the complainant sufficient opportunity to clear off the debt. So many notices were sent to the complainant, strangely still the complainant never took any useful steps to pay off the debt and redeem the pledged ornaments. It is in this context that the opposite party proceeded to sell out the complainant’s ornaments however the opposite party is still prepared to hand back the ornaments to the complainant provided the complainant pay off the loan amount and its interest. The opposite party never charged unlawful interest nor did commit deficiency of service. The complainant is disentitled to any of the relief sought for, the opposite party strongly contends.
3. The complainant was examined as PW1 and the document Exbt A1 was marked. The opposite party filed proof affidavit, and the documents Exbts B1 to B6 were marked.
4. Bearing in mind the contentions of the parties the questions that come up for consideration before us are:-
(a) Whether there is any deficiency on the part of the opposite party?
(b) Whether the complainant is entitled to any relief
5. Concededly the complainant availed a loan amount of Rs. 1, 27,000/-(One lack twenty seven thousand only) from the opposite party on pledging 55.5 grams of gold ornaments. Subsequently the complainant effected payment of a total amount of Rs.83,643/-( eighty three thousand six hundred and forty three only) towards loan account. When the complainant on 18th October 2014 approached the opposite party to clear off the loan and to release the ornaments, the opposite demanded a huge amount of Rs.1,47,016/-(one lac forty seven thousand sixteen) from the complainant. We meticulously went through the complaint, perused version, affidavits and other documents. According to the opposite party, the opposite party acted exactingly in line with the set of laws as laid down by RBI. The opposite party never charged unlawful interest. The opposite party had levied the rate of interest as agreed to by the complainant at the time of availing the material loan. The amount demanded from the complainant has been arrived on when the computation was effected with the rate of interest specified on the pawn ticket and as agreed to by the complainant. Holding these contentions put forth by both the parties in mind we carefully examined the materials that were placed before us on record. On a close scrutiny of the Exbt B2 pawn ticket signed by the complainant, it is revealed that the same visibly and clearly carries the terms and conditions as to the said loan transaction along with interest rates etc in meticulous detail. More over when the complainant was cross-examined in the box pertinently the complainant never make it a point to deny and aspects when many leading questions favorable to the opposite party were asked. At this juncture the only inference that can be drawn is that the opposite party hasn’t committed any unfair practice. Thus viewing from any perspective, we are not a position place reliance on the complainant’s contention as to the opposite party’s demand for huge amount. Needless to say the complainant’s contentions do not inspire confidence in our mind. On the other hand the opposite party’s case appears more probable and inevitably merit acceptance. We regret, we have no way out, only to accept the contentions raised by the opposite parties. The opposite party’s service seems not deficient, and the complainant is disentitled to any relief.
For the forgoing facts and finding of the present case herein above, we are of the view that the complaint is liable to be dismissed, and the same is dismissed. The complaint is disposed accordingly. The parties are left to bear with their own cost.
Pronounced in Open Forum on this the 31st day of August, 2016.
Sd/-Sri. Antony Xavier (Member)
Sd/-Smt. Elizabeth George (President)
Sd/- Smt. Jasmine D (Member)
Appendix:-
Evidence of the complainant:-
PW1- Ajeshkumar (Witness)
Ext.A1 – Statement of Account dtd 08-10-2014
Evidence of the opposite parties:-
RW1 - N.G.Priyalal(Witness)
ExtB1 - Gold Loan receipt Dtd 31 Jan 2012
ExtB2 - Gold Loan application Form Dtd 31-01-2012
Ext B3 - Desabhimani News paper Dtd 22-7-2013
ExtB4 - Authorisation letter Dtd 11-07-2014
ExtB5 - Copy of the notification of Reserve Bank Of India
ExtB6 - Statement of Account & Interest of Statement
// True Copy //
By Order
Senior Superintendent
To
Complainant/Opposite Party/SF
Typed by: Br/-
Compared by:-
