FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
This is an application u/s.12 of the Consumer Protection Act, 1986.
Brief facts relevant for disposal of the case are that the complainant invested Rs. 10,58,265/- to the OP1 M/s. Incotel Technologies Ltd. for a period of 12 months and the OP1 issued certificate bearing No. INC0734. The maturity date of the aforesaid certificate is 05.09.2018 and the maturity value of the certificate is Rs. 11,21,761/-. Despite expiry of maturity, the OPs did not disburse the matured amount of the certificate. The acts, activities and conduct of the OPs constitute a clear cut case of deficiency of service and unfair trade practice. Hence, the complainant approached the Commission by way of consumer complaint seeking payment of matured amount along with compensation and litigation cost.
Despite publication of notice of the complaint in the daily news paper the OPs did not come forward to file any Written Version within 30 days from the date of publication of notice. No request for condonation of delay or extension of time to file WV is made. Therefore, right of the OPs to file WV is closed vide proceedings dated 18.03.2021.
Complainant Sri Subrata Mukherjee has filed his evidence by way of affidavit supporting the allegations made in the complaint. Complainant also filed relevant document like photocopy of certificate of Beneficiary’s credit bearing No. INC0734 dated 05.09.2017. Ld. Advocate for the complainant has taken us through the consumer complaint as also the evidence adduced in support of the complaint.
On perusal of the photocopy of certificate bearing No. INC0734 dated 05.09.2017 issued by the OP1 to the complainant, it is clear that vide said certificate complainant invested Rs. 10,58,265/- for a period of 12 months. From the above document, it is also clear that the maturity date of the aforesaid certificate is 05.09.2018 and its maturity value is Rs. 11,21,761/-. Complainant has categorically alleged in the complaint as well as affidavit of evidence that after expiry of stipulated date of maturity, the OPs have failed to pay the matured amount of Rs. 11,21,761/-. The OPs are fully aware that they are liable to pay the matured amount of the subject certificate to the complainant on 05.09.2018. Complainant invested his hard earned money with the OPs. The OPs are deliberate to make illegal gains and to deprive the complainant from his lawful right. In fact, the OPs withhold the maturity amount which no doubt deceitful manner of trade.
It is pertinent to note that despite publication of notice of the complaint in the daily news paper, the OPs did not put in appearance nor, the OPs filed Written Version in response to the complaint. The OPs have failed to controvert the allegations in the complaint by filing Written Version, the allegations in the complaint are deemed to have been admitted as correct. It is well settled that the allegation made in the complaint, if not denied is deemed to be admitted as correct. The complainant in his affidavit did support the allegations in the complaint. Therefore, it cannot be said that complainant has failed to prove deficiency in service.
As per Consumer Protection Act, it is the benevolent piece of legislation to protect the consumers from exploitation. The spirit of the benevolent legislation cannot be over looked and its object is not to be frustrated. The complainant has invested Rs. 10,58,265/- to the OP1 with the hope to get Rs. 11,21,761/- as maturity amount. The act and conduct of the OPs are a clear case of deception, which resulted in the injury and loss of opportunity to the complainant. Had the complainant not invested his money with the OPs, he would have invested the same elsewhere. The complainant cannot be wait indefinitely to get the matured amount. The complainant has suffered mental agony and harassment. It is settled principle of law that the compensation should be commensurate with loss suffered and it should be just, fair and reasonable and not arbitrary. To get relief, the complainant has to wage a long drawn and tedious legal battle. In these circumstances, the complainant is entitled to get the matured amount of “Certificate of Beneficiary’s Credit” along with compensation and litigation cost.
In view of the discussion above, the consumer complaint is allowed with following directions:-
- The OPs are directed to pay Rs. 11,21,761/- only to the complainant.
- The OPs are further directed to pay Rs. 25,000/- as compensation to the complainant on account of mental agony and physical harassment.
- The OPs are also directed to pay Rs. 5,000/- only towards litigation cost to the complainant.
- The above direction be complied by the OPs within a period of 60 days from today. For failure or omission in compliance within the stipulated period, the complainant shall be at liberty to put the order in execution as per law.
Copy of the final order be supplied to the parties as per rules. Final order also be uploaded to the website of the Commission forthwith.
