BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, SIRSA.

                                                                           Complaint Case No.: 221 of 2015.                                                                     

                                                                        Date of Instt.: 14.12.2015.                                                 

                                                                       Date of Order: 04.10.2016.

Hardeep Singh aged about 35 years son of Shri Tej Mohan Singh, resident of 86 Bansal Colony, Sirsa, Tehsil and District Sirsa.                                        

                                                                                    …Complainant.

                                    Versus

1. PACL Ltd., Near Baba Bihari Netralya, Janta Bhawan Road, Sirsa.

2. PACL Limited, SCF 7 CUF-I, Near Red Square Market, Hisar.

                                                                                    .                       ..Opposite Parties.

                                    Complaint U/s 12 of the Consumer                                             Protection Act, 1986.

Before:          Sh. S.B. Lohia, President.                                                                      

              Sh. Ranbir Singh Panghal, Member

Present:       None for complainant.                                    

                   Ops not served.             

ORDER:-

                    In brief, the case of the complainant is that he had purchased a policy from the ops on 27.7.2009 according to which he had to deposit Rs.1000/- per month. The policy was for 66 months and was matured on 27.1.2015. On maturity, a total sum of Rs.90,290/- was to be paid to the complainant by ops. However, after maturity, ops have failed to make payment of the abovesaid amount to the complainant despite request.  Hence, this complaint.  

2.             The ops could not be served for want of correct address and the case was being adjourned several times for this purpose.

3.            Today none has appeared on behalf of complainant.  The Hon’ble Supreme Court in Civil Appeal Nos.13301/2015 titled as Subrata Bhattacharya & Vs. Securities & Exchange Board of India with civil appeals Nos.  13319, 13394 and 13410 of 2015 has passed following order on 2.2.2016:-

“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 favour 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 interfered with by any Court.”

4.            From the order dated 2.2.2016 passed by the Hon’ble Supreme Court, it emerges out that matters pending adjudication before the Hon’ble High Court of Delhi relating to PACL were transferred to the Hon’ble Supreme Court. The Hon'ble Committee under the orders of the Hon'ble Apex Court has already seized of the matter in question. In view of the above order of the Hon’ble  Supreme Court of India, it is clear that the complainant has filed the present complaint being an investor, as such, we are of the opinion that it would not be proper to direct the company to pay to the complainant/ investor, the amount so deposited with the company, more so when the Hon’ble Supreme Court has directed to constitute a committee, who will refund the amount to the investors after getting the sale proceeds of the property of the company. So, this Forum is unable to pass an executable order against the ops. In such circumstances, we dispose of the complaint accordingly, with liberty to the complainant to file/seek claim/relief before the competent committee as constituted by the Hon’ble Supreme Court. A copy of this order be sent to the complainant. File be consigned to the record room after due compliance.

Announced in open Forum.                                                            President,

Dated:4.10.2016.                                   Member.               District Consumer  Disputes

      Redressal Forum, Sirsa.