PER JUSTICE J.M. MALIK 1. The Complainant Sh. Nilamani Satpathy took loan from Mahindera Fianance- the OP in the sum of Rs. 3,00,000/-. Counsel for the respondent/complainant submits that they have already paid a sum of Rs. 4,13,000/-. Counsel for the respondent/complainant has also invited our attention towards Para No. 2 of the legal notice wherein it was stated that the total amount to be paid by the complainant was Rs. 4,03,000/-. This amount was payable if there was no default on the part of the complainant. In case the complainant has waddled out of his commitment, he is liable to pay the late charges. The legal notice further mentions in para No. 5, which is reproduced as follows:- “5. My client states that despite repeated the persistent follow up by my client and the representatives of my client calling upon you to make payment of the said outstanding amount, you failed and neglected to make any further payment. My client states that as on date 29.11.2008 Periodical Installments are outstanding amount to a sum of Rs. 55,324/-. The above said amount, is payable along with Late Charges applicable and calculated as per the terms of the agreement.” 2. This is an admitted fact that the complainant has paid Rs. 55,324/- but he has not paid the late charges applicable and calculated as per the terms of the agreement. The agreement was signed by the parties with open eyes. The complainant is estopped from challenging the agreement, they are bound by the agreement. One should think a hundred times before signing the agreement. Consequently, the respondent/complainant is liable to pay further amount of Rs. 86,230/- and upto date further interest and penalty on that amount. Unless and until the said amount is paid, the petitioner Mahindra Finance is not liable to issue No Dues Certificate till that amount is paid. 3. At this stage, counsel for the respondent has also invited our attention towards the para No. 7, which is reproduced as follows: “7. My client states that my client has waited sufficiently long and can wait no further and has therefore instructed me which do hereby on behalf of my client, demand and call upon you jointly and/or severally pay the aforesaid sum of Rs. 55324/- being the amount due and payable as of today by you the above named, as per the terms and conditions of the Agreement, as on date, within 7 days from the date of receipt of this notice. In the event of your failure in making the said payment my client call upon you to surrender the aforesaid vehicle to my client within 7 days of receipt of this notice, at the PHULBANI office of my client, along with the aforesaid amount due and payable till date of your surrendering the vehicle. Please note that you will also be liable to make good the loss which my clients shall suffer after disposal of the said vehicle as per the terms of the loan agreement.” 4. It must be borne in mind that a notice is to be read holistically. The statement filed by the petitioner is on the record. The complainant could not show that this is wrong or it is in contravention of the agreement. We, therefore, accept the revision petition and direct the petitioner to submit upto date copy of the statement of accounts to the complainant within 10 days. We direct the respondent/ complainant to pay the amount immediately after receipt of upto date statement and after payment of the amount, the petitioner will issue the No Dues Certificate immediately. No costs. 5. The Revision Petition stands disposed of. |
