DISTRICT CONSUMER DISPUTES REDRESSAL FORUM,

PATIALA.

                                      Consumer Complaint No. 91 of 15.3.2017

                                      Decided on:                    22.6.2018

Inderjit Singh age about  62 years son of Late Sh.Gurmail Singh, resident of House No.10, Street No.1, Ram Nagar, Patiala

                                                                   …………...Complainant

                                      Versus

1.       PACL India Limited Registered Office: 22, 3^rd Floor, Amber Tower, Sansar Chand Road, Jaipur-302004, through its Managing Director.

2.       PACL India Limited Head office: 7^th Floor, Gopaldas Bhagwan, 28 Barakhamba Road, New Delhi-110001 through its Managing Director.

3.       PACL India Limited Branch office:SCF 141, 3^rd Floor Development, Scheme OPP Improvement Trust, office, Patiala.

                                                                   …………Opposite Parties

                                      Complaint under Section 12 of the

                                      Consumer Protection Act, 1986.

QUORUM

                                      Sh. M.P.Singh Pahwa, President

                                      Smt. Neelam Gupta, Member

                                      Sh.Kanwaljeet Singh, Member         

ARGUED BY

                                      Sh.Gagan Chatha,Advocate, counsel for complainant

                                      Complaint Against OPs No.1&2 is dismissed

                                       as withdrawn.

                                      Opposite Party No.3 exparte.

 ORDER

                                    SH. M.P.SINGH PAHWA,PRESIDENT

1. This complaint is filed by the complainant Inderjit Singh, hereinafter referred to as complainant against PACL, hereinafter referred to asOPs .

2. Briefly, the case of the complainant is that he has purchased policy from OP No.3 with regard to scheme of plot(s).At the time of purchasing the policy, it was told by the OPs that the complainant would have to pay Rs.1000/- per month for 66 months .After completion of policy, amount will be refunded with growth to the tune of Rs.90,900/-(surrender value) approximate. The complainant has paid the entire amount for this period. The complainant has also submitted documents required for refund of the amount or allotment of a plot. The OPs have failed to refund the amount or allotted the plot. Complainant also got served the legal notice upon the OPs but to no response. On this backdrop of facts, the complainant has claimed the refund of the amount of Rs.one lac, compensation and Rs.9000/-as costs of the litigation.

3. In view of the statement of the ld. counsel for the complainant, the complaint against OPs No.1&2 was withdrawn .Notice to OP no.3 was given through publication but none appeared.
4. The complainant has claimed investor of the OPs and has prayed for the refund of the amount or allotment of the plots. Civil Appeals Nos.13301,13319,13394 and 13304 of 2015 titled as Subrata Bhattacharya Vs. Securities & Exchange Board of India relates to  some investors who invested their money with PACL Limited. Hon’ble Apex Court has passed the order vide which SEBI shall constitute committee for disposing of land purchased by company so that the sale proceedings can be paid to investors, who have invested the amount in the company for purchase of land.It is further ordered that the decision with regard to sale of property of company by committee is not to be interfered by any court.

4. The paras No.3,7,12 and 13 of the order passed in the above Civil Appeal are relevant and extracted as under:-

“3) The SEBI shall constitute a committee for disposing of the land purchased by the company so that the sale proceeds can be paid to the investors, who have invested their funds in the company for purchase of the land. Hon’ble Mr.Justice R.M.Lodha, the former Chief Justice of India, would be the Chairman of the said Committee. It would be open to the Hon’ble Chairman of the Committee to appoint such experts or other persons, as he might think it necessary, in consultation with the SEBI, so as to enable the Committee to sell the land and pay to the investors in a manner that might be decided by the said Committee.

7) The methodology with regard to recovery of amount by sale of the land and disbursement of the amount to the investors shall be overseen by the Members of the Committee.

12) The amount, which is lying in the bank accounts of the Company and other cash belonging to the Company shall be released in favor of SEBI so that it can be used either for disbursement in favour of the investors or for incurring necessary expenditure. If any amount has been deposited by the Company or by its Directors or by any other person on behalf of the Company in any Court, the same shall be released in favour of the SEBI, who shall have a separate account so as to deal with the same. The Committee shall also decide as to whether the staff of the company should be continued or relieved.

13) The decision with regard to sale of property of the company by the Committee shall not be inferred with by any Court”.

5. In view of the aforesaid directions of the Hon’ble Apex Court, we are of the opinion that this Forum cannot pass an executable order against the OPs.No purpose would be served by further proceedings in the matter. Therefore, the complaint is disposed of accordingly. However, the complainant is at liberty to approach the Hon’ble Committee to seek his grievance.

6. Certified copies of the order be sent to the parties free of cost under the rules. Thereafter, file be indexed and consigned to the Record Room.

ANNOUNCED

DATED:22.6.2018       

Sh.Kanwaljeet Singh               Neelam Gupta             M. P. Singh Pahwa

       Member                                 Member                                      President