DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BARNALA, PUNJAB.
Consumer Complaint No: 206/2014
Date of Institution : 26.09.2014
Date of Decision : 20.04.2015
In the matter of:
Jasvir Kaur aged about 35 years wife of Sh. Lakhvir Singh, resident of V.P.O. Ghumaan, Tehsil Raikot, District Ludhiana (Punjab).
…Complainant
Versus
1. PACL India Ltd., Branch Office (Customer Service Centre), S.C.F. 24, 22 Acre, Near Improvement Trust Office, Barnala, Tehsil and District Barnala, through its Authorized Signatory.
2. PACL India Ltd., Corporate Office, 7th Floor, Gopaldas Bhawan, 28, Barakhamba Road, New Delhi-110001 through its Managing Director/Authorized Signatory.
…Opposite Parties
Complaint Under Section 12 of Consumer Protection Act, 1986.
Before:-
1. Shri Sukhpal Singh Gill : President.
2. Ms. Vandna Sidhu : Member
For the complainant : Sh. G.P. Singh Advocate
For opposite parties : Sh. N.K. Sharma Advocate
ORDER: BY SH. SUKHPAL SINGH GILL, PRESIDENT:
Jasvir Kaur complainant (hereinafter referred as to CC for short) has preferred the present complaint against the Opposite Parties (herein referred as to OPs for short), on the ground that, OP-1 is working under the OP-2 being its business branch and rendering banking services by offering various investment schemes including Recurring Deposit Plan.
It is submitted that, relying upon the investment schemes of the OPs, CC accepted the plan of the OPs and it was agreed that, CC shall pay the half yearly installment of Rs. 18,000/- to the OP-1 for 7 years and as a security OP-1 shall register one plot of 5000 Square Yards in the name of CC and at the end of term plan, CC has an option to take Rs. 4,13,000/- as maturity amount from the OP-1 on deposit of registration letter. Accordingly, CC paid two half yearly installments each of Rs. 18,000/- to the OP-1 on 14.4.2012 and on 23.10.2012, so policy under the plan was commenced vide registration No. U017212281 under payment plan No. 19 for the term of 7 years on 14.4.2012. But due to some financial problems, CC did not pay the remaining installments.
It is further submitted that, similarly OP-1 also offered another Installment Payment Plan bearing No. 13-033 to the CC and relying on the same, CC also accepted this plan. It was agreed that, CC shall pay the half yearly installment of Rs. 2,160/- to the OP-1 for 7 years and as a security OP-1 shall register one plot of 600 Square Yards in the name of CC and at the end of term plan CC has an option to take Rs. 49,600/- as maturity amount from the OP-1 on deposit of registration letter. Accordingly, CC paid two half yearly installments each of Rs. 2,160/- to the OP-1 on 17.4.2012 and on 23.10.2012, so policy under the plan was commenced vide registration No. U017212414 under payment plan No. 13 for the term of 7 years on 17.4.2012. But due to some financial problems, CC also did not pay the remaining installments of this scheme.
It is further submitted that, due to some urgent need of money, CC requested the OP-1 to pay her due amount alongwith up to date interest under the above mentioned plans by sending the application to OP-1 vide registered post on 4.8.2014 alongwith both the original registration letters and receipts, but the above mentioned amount has not been paid to the CC till now, despite her several requests and personal visits to the OP-1.
Thus, alleging deficiency in service on the part of the OPs, CC has sought the following reliefs against the OPs.-
1) OPs be directed jointly and severally to disburse the amount of Rs. 40,320/- alongwith up to date interest to the CC.
2) OPs be further directed to pay Rs. 10,000/- as compensation and Rs. 5,000/- as litigation expenses.
Complaint of the CC is signed and verified. The complaint is also supported by an affidavit of the CC.
2. In reply, OPs have opposed the complaint of the CC by taking preliminary objections on the ground that, the present complaint is false, frivolous and baseless. Further, there is no deficiency in service on the part of OPs. Further, claim of the CC is based on the agreement executed between the CC and the OPs and as per agreement if any, dispute arises between the parties the same shall be referred for Arbitration and shall be settled according to the Arbitration and Conciliation Act, 1996. Moreover, as a consequential remedy only the civil court has the jurisdiction to entertain the matter. Further, both the parties are bound by the terms and conditions of the agreement.
On merits, it is denied that, the OPs are doing the business of Banking Service by offering various investment schemes including Installment Payment Plan. It is submitted that, OP is a real estate company and engaged in business of sale, purchase, development of agriculture land and allotment of land to its customers. It is submitted that, CC had executed an agreement for allotment of land for which she was given a unit registration bearing No. U017212281 and she had to deposit Rs. 18,000/- half yearly for a period of 7 years from 14.4.2012 to 14.4.2019. It is further submitted that, after the stipulated period customer submits the documents to the OP and OP make the amount available after selling the plot. Further, if the customer stops depositing the amount, he/she commits breach of agreement and in the present case also CC has committed breach of agreement, so amount would be returned to her as per terms and conditions of the agreement.
It is further submitted that, CC had also executed another agreement for allotment of land for which she was given a unit registration bearing No. U017212414 and she had to deposit Rs. 2,160/- half yearly for a period of 7 years from 17.4.2012 to 17.4.2019. Further, in the present case also CC has committed breach of agreement and caused considerable loss to the OPs.
It is denied that, CC is entitled for Rs. 40,320/- alongwith interest till realization. It is also denied if the CC is entitled for any compensation or litigation expenses.
Thus alleging no deficiency in service on its part, OPs have prayed for the dismissal of the complaint.
3. CC in support of her claim, has tendered into evidence her own affidavit Ex.C-1, copy of registration letter Ex.C-2, copy of receipts Ex.C-3 and Ex.C-4, copy of registration letter Ex.C-5, copy of receipts Ex.C-6 and Ex.C-7, copy of application Ex.C-8, copy of postal receipt Ex.C-9 and closed her evidence.
4. On the other hand, in order to rebut the evidence of the CC, OPs have tendered in evidence affidavit of Manoj Kumar Ex.OP-1, copy of application Ex.OP-2, copy of agreement Ex.OP-3 and closed the evidence on behalf of OPs.
5. We have minutely perused the entire complaint, version filed by the OPs, evidence of both the parties and also heard Learned counsel for the parties at length.
6. It is an admitted fact that, CC had executed two agreements for allotment of land bearing registration No. U017212281 for Rs. 18,000/- half yearly for a period of 7 years from 14.4.2012 to 14.4.2019 vide Ex.C-2 and bearing registration No. U017212414 for Rs. 2,160/- half yearly for a period of 7 years from 17.4.2012 to 17.4.2019 vide Ex.C-5. It is further admitted by the OPs in their version that, payment will be given to any customer after submission of documents and availability of amount after selling the plot.
The main objection of the OPs regarding of the claim of the CC is that, as the CC has committed breach of agreement and caused loss to the OPs, so the amount would be returned to her as per the terms and conditions of the agreement.
It is proved on the file from Ex.C-3 and Ex.C-4 that, in the first plan for allotment of land bearing registration No. U017212281, CC paid two installments of Rs. 18,000/- each half yearly on 14.4.2012 and 23.10.2012. It is further proved on the file from Ex.C-6 and Ex.C-7 that, in the Second plan for allotment of land bearing registration No. U017212414, CC paid two installments of Rs. 2,160/- each half yearly on 17.4.2012 and 23.10.2012. In this way, it is clearly proved on the file that, CC in total paid an amount of Rs. 40,320/- to the OPs. It is admitted by the CC in her complaint that, thereafter, CC has not paid any installment to the OPs except the above mentioned installments.
It is further proved on the file that, CC many times requested the OPs for the refund of her amount and also issued a legal notice Ex.C-8 for this purpose, which was sent vide postal receipt Ex.C-9, but instead of that, OPs did not pay any amount to the CC.
To meet the main objection of the OPs, we have carefully perused the agreement between the CC and the OPs Ex.OP-3. In this agreement, it is clearly mentioned at Point No. 19 that, for those customers who have deposited their installments for less than two years, no compensation towards liquidated damage shall be paid and the deposited money towards land advance will be refunded without any deduction after expiry of agreement term. As such, in view of this term, CC is entitled for her amount, but after the expiry of agreement term.
Further, to meet the objection of the OPs, we have perused an order of The Securities and Exchange Board of India passed in the month of August 2014 against the PACL, in which the PACL was directed as under.-
“PACL Limited, its promoters and directors, shall wind up all the existing Collective Investment Schemes of PACL Limited and refund the monies collected by the said company under its schemes with returns which are due to its investors... within a period of three months.”
As the CC also invested her money with the OPs in the month of April 2012, so her case also falls under the above mentioned order of SEBI.
In view of the aforementioned facts, circumstances and order of The Securities and Exchange Board of India passed in the month of August 2014, we partly allow the present complaint and OPs are directed to refund the amount of Rs. 40,320/- to the CC within the period of 30 days from the date of the receipt of the copy of this order, failing which the OPs are directed to refund this amount alongwith interest at the rate of 9% per annum from the date of order till realization of the amount.
This order of ours shall be complied within 45 days from the date of the receipt of the copy of this order. Copy of this order be supplied to the parties free of cost. The file after its due completion be consigned to the records.
ANNOUNCED IN THE OPEN FORUM:
20th Day of April 2015
(Sukhpal Singh Gill)
President.
I do agree.
Vandna Sidhu
(Member)
