Order by:

Sh.Amrinder Singh Sidhu, President

1.       The complainant  has filed the instant complaint under section 35 of Consumer Protection Act, 2019 on the allegations that Opposite Party No.1 is Credit Cooperative Society and it use to get deposit  the amount from various consumers through different schemes on interest basis. Opposite Parties No.2 & 3  are the authorized franchise as well as regional offices of Opposite Party No.1 company at Moga as well as at Ludhiana. Opposite Party No. 2 is Incharge  cum Responsible person for acts and deeds of Opposite Party No.1 here at Moga. Further alleges on the allurement of Manager/Franchisee Guardian of Opposite Party No.1 at Ludhiana, the complainant deposited his hard earned money with Opposite Parties in the shape of different Fixed Deposit Receipts for 36 months on interest basis, for Sahara I Select Sahara Plan, the detail of which as follows:-

Further as per the terms and conditions of the FDRs, after completion of 180 months from the date of opening of account, maturity shall be paid to the Member Account Holder alongwith the interest as per the Account Settlement Chart. Maturity date of the FDRs are 31.07.2022 & 06.12.2022, but the complainant was urgent need of his money in view of prevailing situation arising due to Covid-19 and he is entitled to receive his money of Pre Stage Maturity which was deposited by him in the shape of FDRs with opposite parties as per the Account Settlement Chart. On the above said FDRs interest is calculated upto 15.06.2021 and the amount payable to the complainant comes to Rs.1763090/- as on 15.06.2021. As such, there is relationship of consumer and service provider between the parties as provided under the Consumer Protection Act. On the  Pre Stage Maturity the Opposite Parties were bound to make the payment of the hard earned money of the complainant. The complainant made various requests to the Opposite Parties to release Pre Stage Maturity amount deposited by the complainant in the shape of FDRs mentioned above. Initially, the Opposite Parties asked the complainant to wait for some months, but later on  the Opposite Parties have been lingering on the matter on one pretext or the other. Complainant has also served a notice upon the opposite parties to release the amount but all in vain and Now, the Opposite Parties have flatly refused to pay any amount to the complainant, as such, there is deficiency in service on the part of the Opposite Parties. Repeated requests have been made by the complainant to the opposite parties to make the maturity amount of the FDRs in question, and not indulge the complainant into any litigation, but the opposite parties refused to admit the rightful claim of the complainant. Vide instant complaint, the complainant has sought the following reliefs.

a)       Opposite Parties may be directed to make the maturity amount of Rs.1763090/- of the FDRs alongwith future interest  @ 18 % per annum till its actual realization. 

b)      The amount of Rs.50,000/- be allowed to be paid by the opposite parties on account of compensation due to mental tension and harassment caused by the complainant.

c)       The cost of complaint amounting to Rs.33,000/- may please be allowed.

d)      And any other relief to which this Hon’ble Consumer Commission, Moga may deem fit be granted in the interest of justice and equity.       

2.       Upon notice Opposite Parties No.1 & 3 served, but none has come present on behalf of opposite parties no.1 & 3. So, they were proceeded against exparte. Whereas, complaint against Opposite Party No.2 stands withdrawn.

3.       In order to  prove  his  case, the complainant has tendered into evidence  his affidavit Ex.C1 alongwith copies of documents Ex.C2 to Ex.C8 and closed his evidence.

5.       We have heard the ld.counsel for the complainant and gone through the documents placed  on record.

6.       During the course of arguments, both the ld.counsel for the Complainant has mainly reiterated the facts as narrated in the complaint.  We have perused the contentions of ld. counsel for the complainant. The case of the complainant is that he deposited his hard earned money with Opposite Parties in the shape of different Fixed Deposit Receipts for 36 months on interest basis, for Sahara I Select Plan and thereafter the complainant was urgent need of his money in view of prevailing situation arising due to Covid-19 and he made request to the opposite parties to release Pre Stage Maturity amount deposited by the complainant in the shape of FDRs, but  the opposite parties are lingering on the matter on one pretext or the other and hence, deficiency is writ large on the part of the opposite parties. To prove his case the complainant has produced on record his duly sworn affidavit Ex.C1 alongwith copies of deposited receipts Ex.C2 & Ex.C3. The evidence produced by the complainant has gone un-rebutted on record as  the Opposite Parties no.1 & 3,  despite due service, did not opt to appear and contest the proceedings. In this way, the Opposite Parties  have impliedly admitted the correctness of the allegations made in the complaint. It also shows that Opposite Parties have no defence to offer or defend the complaint. The complainant has sought for direction to the Opposite Parties  to pay the amount of Rs.17,63,090/- of the FDRs alongwith future interest, besides this the Complainant also sought Rs.50,000/- on account of mental tension, harassment and deficiency in  service and Rs.33,000/- as litigation expenses.

6.         In view of the aforesaid facts and circumstances of the case, in our considered view, the Opposite Parties are  liable to pay the deposited amount with reasonable rate of interest, which we assess @ 8% per annum w.e.f. its respective deposit dates till its actual realization. As stated above, the Complainant has prayed for compensation for causing him mental tension and harassment, but  both compensation and interest can not be granted simultaneously for the same cause of action as the complainant has already been granted interest on the delayed period as mentioned above.   In this regard, it has been held by Hon’ble National Commission, New Delhi in case Oriental Insurance Company Limited Vs. B.Ramareddy, II(2006) CPJ 339 (NC) that where the interest on the amount is allowed, the awarding of compensation separately not justified.  So, in view of the supra ruling of Hon’ble National Commission, New Delhi, we disallow the prayer of the complainant for grant of  compensation.  Opposite Parties are   granted one month time to comply with the order, failing which the Complainant shall be at liberty to get the order enforced through the indulgence of this Forum.

12.     Resultantly, we partly allow the complaint  of the complainant. The Opposite Parties are jointly or severally directed to make the payment of deposited amount i.e. Rs.14,31,293/- (Rupees Fourteen lakh thirty one thousand two hundred ninety three only) alongwith interest @ 8% per annum from its respective deposit dates till its actual realization. The compliance of this order be made by the Opposite Parties within 60 days from the date of receipt of copy of this order, failing which the Complainant shall be at liberty to get the order enforced through the indulgence of this Commission. Copies of the order be furnished to the parties free of costs. File is ordered to be consigned to the record room.

13.     Reason for delay in deciding the complaint.

This complaint could not be decided within the prescribed period because the government has not appointed any of the Whole Time Members in this Commission for about 3 years i.e. w.e.f. 15.09.2018 till 27.08.2021 as well as due to pandemic of COVID-19.

Announced in Open Commission.