1. Debashish Halder,

109/2, Lenin Sarani, New Barrackpore,

West Kodalia, Kolkata-700131.                                                               _________ Complainant

____Versus____

1. Reliance Capital Ltd.

Air-condition Market, 6^th Floor,

1, Shakespeare Sarani, Kolkata-71,

P.S. Shakespeare Sarani.

2. Reliance Capital Ltd.

H-Block, 1^st Floor,

Dhirubhai Ambani Knowledge City,

Navi, Mumbai-400710.                                                                                     ________ Opposite Parties

Present :           Sri Sankar Nath Das, Hon’ble President

                          Dr. Subir Kumar Chaudhuri, Member.

                        Smt.  Samiksha Bhattacharya, Member

Order No.   15    Dated   19-08-2015.

       The case of the complainant in short is that complainant is an unemployed youth having no source of income to maintain his livelihood as well as to maintain his family member conducted a proprietorship concern absolutely in his supervision by way of self employment in the name and style “D.H. Enterprise” and accordingly, complainant intended to purchase a machine namely Thermoplastic Injection moulding machine being model no.NP 50/100 (advantage) from one Polymachplat Machines Ltd. for a total consideration price of Rs.10 lakhs only and the manufacturer duly issued a quotation on 6.12.13 in favour of complainant to that effect. After receiving the quotation dt.6.12.13 complainant duly paid the part consideration amount of Rs.2 lakhs on 11.12.13 and Rs.2 lakhs on 8.2.14 through cheque. Complainant approached the o.ps. for sanction of loan to the tune of Rs.6 lakhs and for that purpose o.ps. received seven numbers of blank cheques from complainant along with other related papers and documents required by o.ps. to sanction the loan. O.ps. issued a loan sanction letter on 22.1.14 sanctioning the loan amount of Rs.6 lakhs @ 8.25% interest per annum payable by complainant for a period of 42 months and the amount of EMI was fixed at Rs.18,750/- only. On 30.1.14 o.ps. further issued welcome letter to complainant stating therein that the amount of Rs.6 lakhs had been sanctioned to complainant. O.ps. also issued the repayment schedule that the tenure of loan would be from 1.3.14 to 1.8.17 mentioning the loan account no. as RLSLKOL000261291. O.ps. also intimated the manufacturer on 29.1.14 in which o.ps. informed that they had duly sanctioned the loan in favour of complainant and a copy of cheque had been mailed to the manufacturer. On 14.2.14 o.ps. intimated the complainant through e-mail that the loan would not be disbursed to complainant due to want of some necessary documents. When complainant contacted with o.p. to know the reason regarding the cancellation of loan o.ps. did not give any satisfactory reply. On 20.2.14 complainant asked for the documents which have been deposited by complainant and the money received by o.ps., they intimated the complainant that as per the loan sanction condition that money and documents are not refundable. Complainant again requested them to refund the money deposited by him and all the blank cheques which were retained by o.ps. Complainant came to know on 1.3.14 that o.ps. realized the EMI of Rs.18,750/- as 1^st EMI and o.ps. also collected the amount of Rs.8787/-, Rs.4045/- and Rs.4315/- on various account. Hence the application praying for refund of Rs.35,897/- with interest and compensation and cost.

            O.ps. appeared before the Forum and filed w/v. In their w/v o.ps. denied all the material allegations interalia stated that the loan was for commercial purpose. The documents specified to be executed and had been enumerated under the heading “Documentation to be executed and requirement to be complies” was supplied to the complainant. They have also stated in w/v that “Processing fee is 1.25% of the sanction facility plus applicable taxes and will be not refundable”. They have stated that they have charged Rs.8787/- as processing fee, Rs.18,750/- as 1^st EMI, Rs.4315/- as advance insurance premium for insurance of the machinery and Rs.2000/- for loan cancellation fee. They have cancelled the loan due to want of documents. So, there is no question of deficiency in service on the part of o.ps. and as such, the case has got no merit and the same is liable to be dismissed.

Decision with reasons:

            We have gone through the pleadings of the parties, evidence and documents in particular. It is admitted fact that complainant approached the o.ps. to avail of a loan amounting to Rs.6 lakhs for business purpose for his livelihood. Accordingly, complainant deposited the required documents along with seven nos. of blank cheques to o.ps. After processing o.ps. issued a letter on 22.1.14 informing the complainant that the loan had been sanctioned. Thereafter, they also sent welcome kit to the complainant. In the sanction letter issued by o.ps. they had clearly stated that the interest would be @ 8.25% per annum for a period of 42 months and the EMI was fixed for the amount of Rs.18,750/- only. All on a sudden o.ps. informed the complainant through e-mail on 14.2.14 that the loan had been cancelled due to some want of documents. When complainant contacted with o.ps. they did not justify properly the reason for cancellation of the loan in question. Moreover, o.ps. disbursed Rs.18,750/- on 20.7.15 to bank account of complainant by means NEFT, when the matter was subjudice. Therefore, it is clear that o.ps. had acknowledged their fault and for that purpose they had decided to disburse Rs.18,750/- to complainant through NEFT. Immediately thereafter complainant sent his protest letter to o.ps. since the amount had been transferred through NEFT complainant had no option to protest the same. In the w/v o.ps. showed that they charged the processing fee as well as cancellation fee. O.ps. had realized the amount of Rs.18,750/- as first EMI; Rs.8787/-, Rs.4045/- and Rs.4315/- on various account to disburse the loan from the complainant. Out of this amount o.ps. had returned Rs.18,750/- through NEFT when the dispute was subjudice. Complainant would not have come to this Forum if o.ps. returned the unjustified deduction of EMI and other charges at the relevant time.  So, there is a clear deficiency in service on the part of o.ps. and as such, complainant is entitled to get relief.

            Hence, ordered,

            That the case is allowed on contest with cost against the o.ps. O.ps. are jointly and/or severally directed to refund a sum of Rs.17,135/- (Rupees seventeen thousand one hundred thirty five) only the amount which o.ps. had collected to process the loan in question and are further directed to pay to the complainant compensation of Rs.14,000/- (Rupees fourteen thousand) only for harassment and mental agony and litigation cost of Rs.7000/- (Rupees seven thousand) only within 30 days from the date of communication of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.

            Supply certified copy of this order to the parties free of cost.