Delhi

North East

CC/124/2018

Mrs. Asha Singhal - Complainant(s)

Versus

M/s Unitech Limited - Opp.Party(s)

09 Dec 2019

ORDER

 DISTRICT CONSUMER DISPUTES REDRESSAL FORUM: NORTH-EAST

GOVT. OF NCT OF DELHI

D.C. OFFICE COMPLEX, BUNKAR VIHAR, NAND NAGRI, DELHI-93

 

Complaint Case No.  124/18

 

In the matter of:

 

1   2	Mrs. Asha Singhal W/o Mr. Karun Kumar Singhal Mr. Karun Kumar Singhal S/o Shri Gautam Muni Singhal Both Residents of:- C-3/77, Sector-31, Noida-201301	Complainants
	Versus
	M/s Unitech Limited Through its Directors Regd. Office: 6, Community Centre, Saket, New Delhi-110017	Opposite Party

 

DATE OF INSTITUTION:         JUDGMENT RESERVED ON:               DATE OF DECISION      :

07.07.2018 09.12.2019 09.12.2019

 

N.K. Sharma, President

Ms. Sonica Mehrotra, Member

 

Order passed by Ms. Sonica Mehrotra, Member

 

ORDER

1. Succinctly put, facts giving rise to the present complaint are that pursuant to a Fixed Deposit Scheme launched by OP in 2012 wherein the OP had announced acceptance of fixed deposit with lucrative interest rate, the complainants, allured by the said scheme in desire to secure life savings and to earn livelihood  from interests generated by the said scheme, deposited a sum of Rs. 5,00,000/- on 27.06.2013 with OP in the said scheme and OP issued FDR no. 1224716 dated 05.07.2013 for the deposit made on 27.06.2013 with date of maturity 27.06.2016 and maturity amount payable @ 12.50% on the said amount amounting to          Rs. 7,26,086/- payable on maturity. As per the terms and conditions of the FDR, complainants vide letter dated 18.10.2016 to OP requested for release of payment of maturity amount of the said FDR furnishing the requisite bank detail to OP to facilitate transfer of the maturity value alongwith duly discharge original FDR enclosed with the said letter. However, despite the receipt of the said letter and reminder letter dated 14.06.2017 by complainants asking the OP to remit the maturity amount by way of cheque / NEFT, OP failed to release the maturity value of the FD. Therefore, complainants alleging deficient financial service rendered by OP and unfair trade practice on its part which has caused agony, pain, hardship and anxiety to the complainants apart from financial loss, the complainants were constrained to file the present complaint against the OP praying for issuance of direction for release of the maturity amount of the FDR i.e.          Rs. 7,26,086/- alongwith interest @ of 24.50% from the date of maturity till realization and also  compensation of Rs. 1,00,000/- for harassment, anxiety and agony.
2. Complainants have attached copy of FDR receipt no. 1224716, copy of letter dated 18.10.2016 and copy of reminder letter dated 14.06.2017 alongwith postal receipt of dispatch.
3.  Notice was issued to the OP on 09.07.2018 which was served on 24.07.2018 however none appeared on its behalf and therefore proceeded against ex-parte vide order dated 04.12.2018.
4. Complainants filed ex-parte evidence by way of affidavit and written arguments in reiteration of their grievance against the OP.
5. This Forum vide order dated 24.09.2019 had directed the complainants to satisfy on the maintainability of complaint on the aspects of limitation since the maturity date of policy was 27.06.2016 but first correspondence demanding release of maturity value from complainants to OP was in October 2016 and the complaint was filed on 07.07.2018.
6. During the course of oral arguments counsel for complainants has submitted that the cause of action against OP was a continuous one and relied upon judgment of Hon'ble National Commission in Aparna Balaso Pawar Madhe & Ors Vs Sunil Anandrao Patil and Anr in RP No. 1899 of 2015 passed on 29.11.2016 vide which the Hon'ble National Commission upheld the order of District forum Kolhapur allowing the complaint for deficiency of service against OP for non release of maturity amount of FDR and reversed the decision of date Commission Maharashtra which had set aside order of District Forum and had dismissed the complaint on ground of limitation by holding that the cause of action will continue unless the complainant’s depositors had claimed the maturity amount but was refused by OP.
7. We have heard the arguments advanced by counsel for complainants and perused the documents relied upon/ filed by alongwith complaint.

In absence of rebuttal by OP due to its willful non appearance despite receipt of notice, no defence has come forth from OP for declining / refusing disbursal of the maturity value of the FDR.The Hon'ble National Commission in Roop Krishan Khanna Vs State Bank of India I (2016) CPJ 171 (NC) directed in a similar case of non release of FDRs by respondent bank that the said FDRs be returned with the maturity value alongwith interest w.e.f. maturity of the FDR. The Hon’ble National Commission in Navodaya Urban Co-operative Bank Ltd and Ors Vs Vimal and Anr IV (2017) CPJ 70 (NC) in a similar case where the bank had disallowed the complainant to withdraw the maturity amount of FDR had held the bank deficient in service and non appearance of the bank was construed as amounting to admission of allegation made in consumer complaint against the bank. The Hon’ble National Commission further observed that the complainant / consumer cannot be made to suffer for acts of omission and commission made by bank which has used money deposited by complainant in form of FDR for a considerable period of time and consumer has every right to demand and get back his hard earned money from bank for which he cannot be deprived of wrong doings on part of bank.

8. Following the above said case laws and the observation made by the Hon’ble National Commission, we allow the present complaint and direct OP to release the FDR maturity value of Rs. 7,26,086/- alongwith penal interest @ 6% p.a. from the date of filing of the complaint till realization in favour of the complainants. We further direct OP to pay compensation of  Rs. 2,000/- towards harassment, agony and anxiety and Rs. 1,000/- towards cost of litigation to the complainants. Let the order be complied with by OP within 30 days from the date of receipt of copy of this order. 
9.  Let a copy of this order be sent to each party free of cost as per regulation 21 of the Consumer Protection Regulations, 2005.
10.   File be consigned to record room.
11.   Announced on  09.12.2019

 

 

(N.K. Sharma)     President

(Sonica Mehrotra)  Member