Date of Filing: 08.10.2021

Date of Judgment: 28.02.2023

Mrs. Ashoka Guha Roy (Bera), Hon’ble Member

Non-payment of the maturity value of one investment plan under Sahara  A. Select  Scheme of the depositor  namely Soma Hazra @ Soma Banerjee herein referred to as the complainant, has obliged her to lodge this complaint u/s 12 of the C.P. Act 1986 for redressal against the Opposite Party namely, Sahara Credit Co-operative Society Ltd.

The brief fact of the case is that the complainant being allured by the lucrative and tempting offer of the Opposite Party was induced to open 9 Fixed Deposit Account totaling a sum of Rs. 8,60,000/- under various Sahara A. Select schemes on 30.3.2019 for which single certificate with receipt of each had been issued by the Opposite Party for the locking period of 18 months i.e. to be matured on 30.09.2020 with high returns as mentioned hereunder.

 That immediately on maturity of the said scheme the complainant contacted the office of the O.P. for payment of the maturity amount, the O.P. assured the complainant that the maturity amount shall be paid to the complainant very shortly but till date the O.P. did not pay any single penny to the complainant even after one year of the maturity date. Due to such deceptive conduct of the O.P. the complainant being an unemployed person has suffered a lot of inconvenience, monetary loss and mental harassment as she deposited all her hard earned savings which she kept for her old age with the O.P.Though several correspondences were made to the O.P. and finally Lawyer’s notice dtd. 16.09.2021 was served upon the O.P. requesting for release of the maturity amount but the O.P. did not reply to such notice. Accordingly the complainant has been constrained to file the instant complaint case. According to the condition of the F.D. Scheme, the complainant is entitled to get refund of total maturity amount of Rs. 9,86420/- together with interest as per term of the Sahara A Select Deposit Scheme. The complainant has made claim as per rule but no payment has yet been made by the OPs.  The complainant in his averment had prayed for directing the OPs to refund of  the maturity amount of Rs. 9,86420/- together with 12%interest from the date of maturity and of Rs. 50,000/- towards litigation cost and for causing mental  agony and harassment, Rs.2,00,000/- for deficiency of service and mental agony. 

The Complainant submitted copies of the Certificate, money receipts as annexure to her complaint.

            On perusal of records it appears that in spite of service of notice and repeated opportunities given no steps were taken by the OPs, consequently the case proceeded ex parte. Complainant subsequently submitted Affidavit of Evidence and Brief Notes of Argument in support of her complaint.  

Points for discussion

1. Is the case maintainable?
2. Is the complainant a consumer?
3. Is the OP liable for deficiency in service/ unfair trade practice as alleged? 
4. Is the complainant entitled to get the reliefs as prayed for?

DECISION WITH REASONS

            All points are taken up together for consideration and decision. After due consideration, of the materials on record i.e., the petition of complaint, and all other relevant materials on record and after consideration of oral arguments advanced by the Ld. Lawyer of the complainant, we find that admittedly the complainant had 9 Fixed Deposit Account totaling a sum of Rs. 8,60,000/- under various Sahara A. Select schemes on 30.3.2019 for which single certificate with receipt of each had been issued by the Opposite Party for the locking period of 18 months i.e. to be matured on 30.09.2020 with high returns. Hence the complainant is entitled to get refund of the total deposited money of Rs. 8.60,000/- + up to date interest as per norms of the Ops.   Admittedly this Forum has territorial and as well as pecuniary jurisdiction to hear and to dispose of this case.  Admittedly the case has been filed within the period of limitation of two years.  Therefore, we find and hold that the case is maintainable and the complainant is a consumer under the OP Company. 

On argument the Ld. Lawyer for the complainant argued that he had submitted proper demand notice but the OPs gave no reply.

From the above discussion and as per original documents which are in the record, it is clear that the complainant is entitled to get the maturity amount of Rs. 9,86,420/- together with interest after the date of maturity till realisation.  It is the deficiency in service on the part of the OPs not to make payment of the maturity amount in time.  Moreover, non-payment of the legitimate maturity amount tantamount to gross deficiency of service and unfair trade practice, hence the O.P. is liable to refund the maturity amount along with compensation in the form of interest to the Complainant.

HENCE

      O R D E R E D

CC/508/2021 is allowed exparte.

That the OPs are hereby directed to refund of Rs. 9,86,420/-  along with interest @ 10% from the date of maturity within 30 days from the date of this order, failing which, a further interest @10% p.a. shall be imposed on the total awarded amount till full realization.

The OPs are hereby further directed to pay Rs. 10,000/- as litigation cost to the complainant within 30 days from the date of this order.