DATE OF FILING                    :     15.09.2014.

DATE OF S/R                            :      07.11.2014.

DATE OF FINAL ORDER      :     11.11.2016.

Sri Jyoti Mukherjee,

son of late Ratanmoni Mukherjee,

resident of  20, Sarkhel Para Lane, P.S. Bally,

District Howrah,

PIN 711 201 ………………………………………………………… COMPLAINANT.

• Versus   -

M/S. Muthoot Finance Ltd.,

having its registered office at

Muthoot Finance Ltd., second floor,

Muthoot Chambers, Banerji Road, Kochi,

Kerala 682018.

Kolkata office at 7B, Middleton Street,

Kolkata 700071,

Branch office at 1/1, Ganga Kanta Bahadur Street,

P.S. Bally, District Howrah,

PIN  711201. ………………….……………………………………OPPOSITE PARTY.

P    R    E     S    E    N     T

Hon’ble President  :   Shri  B. D.  Nanda,  M.A. ( double ), L.L.M., WBHJS.

Hon’ble Member      :      Smt. Jhumki Saha.

Hon’ble Member : Shri A.K. Pathak .

F  I   N   A    L       O   R   D    E     R

1. This is an application U/S 12 of the C.P. Act, 1986 filed by the petitioner, Smt. Jyoti Mukherjee, praying for a direction upon the o.p., M/S. Muthoot Finace Ltd., to withdraw the purported letter dated 12.8.2014 and to calculate the arrears of loan amount on and from 29.3.2013 with statutory interest after deduction of Rs. 50,000/- and to pay compensation of Rs. 1,50,000/- for mental agony and harassment.  

2. The case of the petitioner is that he received a loan of Rs. 2,21,900/- on 21.01.2013 depositing gold ornaments by way of collateral security and his loan account no. is MSL – 3429. On 27.3.2013 the o.p. asked him to make payment of the fixed repayment amount and he paid Rs. 50,000/- on 29.3.2013. After receiving such loan the petitioner suffered from Sciatica and other physical disabilities and was totally bed ridden for two years and was not in a position to repay a loan and requested o.ps. to extend the period of repayment. In spite of his repeated requests, the o.p. turned a deaf ear to the same and suddenly he received phone calls to attend the branch. He appeared before the branch and stated that he no ability to pay his loan and then the o.p. threatened him and the lawyer of the o.p. sent him notice informing him that if  he failed to pay Rs. 3,16,958/- then the o.p. would auction and dispose of the ornaments kept as collateral security. The advocate of the petitioner replied to the notice of the o.p. by sending a letter dated 13.9.2014 and by such act of the o.p. the petitioner suffered mental and physical pain for which he claims compensation of Rs. 1,50,000/-.    

3. The o.p. contested the case by filing a written version denying the allegations made against the o.p. stating that the o.p. granted gold loan to the petitioner for their short term  financial solution namely three months and up to a maximum of 12 months. The interest rate was to vary quarter to quarter and the same would include compound interest if monthly interest not paid. The loan was granted on the basis of the purity of gold ornaments as per market rate. If the loan outstanding is more than 12 months then penal interest would be applicable and if the gold ornaments is not redeemed within 12 months then the company / op got the right to auction the said gold ornaments kept as security after serving a notice on the borrower. In the instant case also the petitioner offered his inability to pay the loan when notice dated 12.8.2014 was served on him. Thus, the petition being a malafide one is liable to be dismissed with costs.

     4. Upon pleadings of  parties the following  points arose for determination :

1. Is the case maintainable in its present form ?
2. Whether the petitioner has any cause of action to file the case ?
3. Whether  there is  any deficiency in service on the part of the O.P. ?
4. Whether the complainant is   entitled to get any relief as prayed for ? 

DECISION  WITH   REASONS      :

4. All the issues  are  taken up together for the sake of convenience and  brevity for discussion and to skip off reiteration. In support of his case the petitioner, Jyoti Mukherjee, filed affidavit as well as documents being undertaking cum sanction letter dated 21.2.2013 issued by o.p. M/S. Muthoot Finance Ltd., wherefrom it is noticed that by keeping ornaments like chain, bangle, necklace, studs & tikka weighing about 84.600 gms, the petitioner took the loan with 24% interest per month and the  loan was for 12 months. The petitioner also filed one money receipt issued by the o.p. dated 29.3.2013 showing that the petitioner deposited Rs. 50,000/- with o.p. The petitioner also filed the notice dated 12.8.2014 issued by Kohli & Sobti, Advocate, asking the petitioner, Jyoti Mukherjee, to make payment the total outstanding of Rs. 3,16,958/- on 19.7.2014 and also one reply letter issued by counsel dated 13.9.2013. Thus there is no denying the fact that the petitioner took a loan of Rs. 2,21,900/- from the o.p., Muthoot Fiannce Ltd., on 21.2.2013 and from the notice dated 12.8.2014 it is noticed that the loan amount with interest being outstanding as on 19.7.2014 amounting to Rs. 3,16,958/- and also further interest till the date of realization. In his petition as well as in affidavit of evidence the petitioner submitted that he has no ability to repay the loan and in his present case, the petitioner prayed for compensation that the o.p. went on misbehaving with him and threatening him with dire consequences.           

6. The o.p. in support of his case filed the application for gold loan installment scheme duly filled up showing that the petitioner requesting the o.p. to grant loan of Rs. 2,21,900/- by pledging gold ornaments weighing 80.50 gms. and the petitioner agreed to repay the loan amount with interest in 12 equal monthly installments and in case of default the petitioner authorized the o.p. to sell the gold ornaments in auction and recover the principal and interest along with expenses. The o.p. also filed one undertaking cum sanction letter dated 21.012.2013 wherefrom it is noticed that in favour of petitioner a loan of Rs. 2,21,900/- was sanctioned on deposit of gold ornaments offered as collateral security for a period of 12 months when interest be paid by the petitioner month by month @ 24%. The o.p. also filed another document on the same date i.e., 21.01.2013 wherein the petitioner promised to pay the o.p. a sum of Rs. 2,21,900/- only value receipt together with interest. They also filed the notice dated 12.8.2014 issued by them asking the petitioner to repay the total arrear of Rs. 3,16,958/- i.d., the o.p. would have no other alternative but to place the gold ornaments in auction.

7. On scrutiny of all these documents as well as keeping in mind the submissions of the ld. counsels for both sides this Forum finds that even though the petitioner after receipt of the loan paid a sum of Rs. 50,000/- to the o.p. on 29.3.2013 but since the inception of the loan dated 21.02.2013 the petitioner paid nothing further as per terms of the loan agreement being the interest of the loan amount as agreed between the parties. Thus the petitioner made a gross violation of the terms and conditions of the agreement agreed between the parties and now coming before the Forum he again submitted that he is unable to repay the loan and also claiming compensation from the o.p. with allegation than he misbehaved with him and threatened him with dire consequences. The petitioner has not approached the Forum in clean hands and also he violated the terms and conditions of the agreement of the gold loan taken by him from the o.p. and thus he miserably failed to prove his case.

       In view of above discussion and findings the claim case fails.

       Court fee paid is correct.

      Hence,

                       O     R     D      E      R      E        D

      That the C. C. No. 501 of  2014  be  and the same is dismissed  on contest without   costs  against  the O.P. 

      Supply the copies of the order to the parties, free of costs.  

DICTATED  &    CORRECTED

BY   ME.  

  (    B. D.  Nanda   )                                              

  President,  C.D.R.F., Howrah.