DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION:
JAJPUR : ODISHA..
Consumer Complaint No. 94 / 2022.
Date of filing of complaint :- 28.07.2022,
Date of Hearing :- 09.12.2022
Date of Order :- 13.01.2023.
Dated the 13th day of January 2023.
Pradipta Kumar Barik, S/o:-Late Maheswar Barik,
Vill:-Olia, Po:- ampaliaba, Sukinda, Dist:- Jajpur. . . . . Complainant.
Versus.
1). Poonawala Finance Company Limited,
(Formally known as Magma Finco Ltd.)
At:-Deavelopm;ent House, 24 Park Street,
Kolkata-700016, Being Represented by its
Authorized Representative Sk. MujibarRahaman.
2). Branch Manager, Poonawalla, Magma Fincrop Ltd,
At: A1, Nirmala Plaza, Forest Park, Bhubaneswar
Odisha.
3). Branch Manager, Poonawalla, Magma Fincrop Ltd
Jajpur Road Branch, Chorda By-Pass Chhak.
Near Federal Bank, Jajpur Road, Dist: Jajpur
P R E S E N T S.
1. Mrs. Susmita Mishra, President,
- Sri Bibekananda Das, Member (I/c).
Counsels appeared for the parties.
For the Complainant: - Sri K.C. Kar, Advocate& Associates.
For the Opp. Parties :-Sri Ashsok Kumar Pahal, Advocate.
J U D G M E N T.
Sri BIBEKANANDA DAS, MEMBER.
This C.C. Case No. 94/2022 is taken up today for order. The complainant being aggrieved by the arbitrary, illegal assessment of the loan amount by the O.Ps for settlement of loan amount has filed this present complaint. Heard the learned counsels for both the parties and perused the materials/documents available on record.
Brief facts:-
Complainant being a consumer U/s 2 (7) of C.P. Act, 2019 availed finance from O.Ps, purchased a truck (TATA LPT 3118) financed by O.P. No.3, Jajpur Road, Jajpur for a total sum of Rs. 26,00,000/- payable @ Rs.66,467/- in 55 installments.
Subsequently, the finance company Magma Finance ltd,taken over by Poonawala Finance Co. Ltd. The petitioner deposited 39 installments in Magma Finance Co. Ltd, then 12 installments to the subsequently taken over by the Finance Company, In toto 51 installments already paid to the O.Ps i.e. Rs. 33,89,919/-. Due to outbreak of COVID-19 and Lockdown/shutdown for around one and half year the vehicle remained idle. It was difficult on part of the complainant to arrange his livelihood during that particular period. The complainant could not pay the installment amount during COVID-19 for which the R.B.I. prescribed moratorium period for benefit of those who had not sufficient funds to repay the loan amount under a contract of loan agreement.
The complainant already paid 51 installments @ Rs. 66,469/- each X 51 = Rs.33,89,919/- and liable to pay 4 installments under the loan agreement i.e. Rs. 66,469 X 4 = Rs. 2,65,876/- ,but the O.P’s arbitrarily, illegally hiked/increased the installments to Rs. 92,506/- in 3 installments and Rs. 90,421/- in the last installment as per the financial statement of the O.P’s supplied to the complainant is illegal, arbitrary and against the ;principle of law and moreso unfair trade practice which are coming under deficiency in service by a financial company as prescribed U/s 2 (11) of C.P. Act, 2019. This Commission by exercising its jurisdiction after gone through the contention raised by both the parties, in our considered view the O.P’s shall take Rs. 2,65,876/- in toto which shall be paid by the complainant and accordingly the O.P’s shall provide NOC to the complainant forthwith.
O R D E R.
Taking into all the facts and circumstances involved in this case, this Commission directed that the complainant shall pay one time settlement amount of Rs. 2,65,876/- to the O.P’s within a period of two months from the date of receipt of this order and the O.P’s shall provide NOC to the complainant without any further claim, failing which the O.P’s shall be liable under the execution proceeding under the C.P. Act, 2019. The C.C. Case is allowed on contest, but no order as to cost.
Issue extract of the order to the parties for compliance.
Pronounced in the Open Commission on this the 13th day of January 2023.
