Order dictated by:

Ms.Rachna Arora, Presiding Member

1.       Rakesh Kumar, complainant  has brought the instant complaint under section 12 & 13 of the Consumer Protection Act, 1986 on the allegations that  the complainant  has taken a loan for his Honda Activa vehicle having registration No. PB 02 CU 1191 from the opposite party and hired the services of the opposite party , as such the complainant is a consumer as provided under the Act and is competent to invoke the jurisdiction of this Forum. The complainant has taken the loan from the opposite party for purchase of the aforesaid vehicle in June 2011  and the amount is payable in equal monthly installments. The complainant has almost cleared the loan of the opposite party as per payment schedule. The opposite party kept on charging exorbitant rate of interest over and above the RBI fixed rates  and opposite party charged excess rate of interest than the actual existing rate of interest payable as per the RBI fixed  rates. The complainant has made the remaining payment of installments to the opposite party and is ready and willing to make the balance payment, if any of the remaining monthly installments  but the opposite party is adamant on charging the exorbitant rate of interest  against the existing RBI fixed rate of interest  and is not providing the account  statement to the complainant . The opposite party is not taking the monthly installments alongwith the RBI fixed rate of interest of the said vehicle but instead the opposite party is threatening to repossess the vehicle No. PB 02 CU 1191. The aforesaid act of the opposite party in charging the excess amount than the RBI fixed rate of interest and not providing the account statement is an act of deficiency in service, malpractice, unfair trade practice and has caused lot of mental agony, harassment, inconvenience besides financial loss to the complainant . Vide instant complaint, complainant has sought for the following reliefs:-

(a)     Opposite party be directed to charge the interest on monthly installments as per the RBI fixed rate of interest to the complainant  and collect the monthly installments and provide the monthly account statement  to the complainant ;

(b)     Opposite party be directed to refund the excess amount charged alongwith interest @ 12%  from the date of payment till realization ;

(c )     Compensation to the tune of Rs. 50000/- alongwith adequate litigation expenses may also be awarded to the complainant.

Hence, this complaint.

2.       Upon notice, opposite party appeared and filed written version in which it was submitted that complainant has availed financial assistance of Rs. 45,400/- from the opposite party for the purchase of vehicle in question vide Loan Agreement No. AMTSRTW1510300003 dated 31.10.2015. The interest/finance charges as per the loan agreement were Rs. 15,355/-. The said amount alongwith interest  was repayable by the complainant  alongwith interest and other charges thereupon in 29 equal monthly installments of Rs. 2095/-. It was submitted that rate of interest is being charged at the rate agreed by the complainant in the agreement. It was submitted that the complainant has committed substantial default in the repayment of the loan amount as agreed in the repayment schedule . It was submitted that as on 2.5.2018 a sum of Rs. 35,323/- is payable by the complainant to the opposite party in respect of outstanding installments and interest thereupon. It was submitted that complainant has been provided his statement of account whenever demanded . While submitting that there is no deficiency in service and while denying and controverting other allegations, dismissal of complaint was prayed.

3.       In his bid to prove the case Sh.Inderjit Lakhra,Adv.counsel for the complainant tendered into evidence affidavit of the complainant Ex.C-1, copy of retail invoice Ex.C-2, copy of provisional registration certificate Ex.C-3, copy of registration slip Ex.C-4, copy of the pollution under control certificate Ex.C-5, copy of RC Ex.C-6, copy of delivery challan Ex.C-7, copy of insurance policy Ex.C-8 and closed the evidence on behalf of the complainant.

4.       To rebut the aforesaid evidence Sh.Sandeep Kapoor,Adv.counsel for the opposite party tendered into evidence  affidavit of Sh. Manish Sharma Ex.OP1, copy of special power of attorney Ex.OP2, copy of loan agreement Ex.OP3, copy of statement of account Ex.OP4 and closed the evidence on behalf of the opposite party.

5.       We have heard the Ld.counsel for the parties and have carefully gone through the record on the file.

6.       From the appraisal of the evidence on record, we have come to the conclusion that there is no dispute with regard to the taking of the loan from the opposite party. The only dispute between the parties i.e. complainant and the opposite party regarding rate of interest . As per schedule I  date of agreement was 31.7.2015 and the loan is sanctioned for the period from 7.12.2015 to 7.4.2018. the loan amount sanctioned is Rs. 45400/- and the interest accrued  thereupon if Rs. 15355/- and the tenure to complete the loan amount is 29 months and the EMI is fixed at Rs. 2095/-.

7.       From the statement of account Ex.OP4 it is not clear  as to how many installments are paid by the complainant and how many installments are due to be paid by the complainant. Therefore, we are of the opinion that agreement is from 7.12.2015 to 7.4.2018 and the period of installments is 29 months and EMI is fixed  at Rs. 2095/- which as per version of the complainant were duly paid to the opposite party. Moreover  in  the complaint complainant has shown his willingness that he is ready to make balance payment, if any of the remaining monthly installments fixed by RBI rules .

8.       So  in view of the above discussion, the complaint is allowed and the opposite party is directed to provide monthly statement of account to the complainant. The amount, if any deposited by the complainant in excess is ordered to be refunded to the complainant. Opposite party is also directed to pay compensation to the tune of Rs. 3000/- while litigation expenses are assessed at Rs. 2000/-. Compliance of the order be made within 30 days from the date of receipt of copy of this order ; failing which complainant shall be entitled to get the order executed through the indulgence of this Forum.  Copies of the order be furnished to the parties free of costs. File is ordered to be consigned to the record room. Case could not be disposed of within the stipulated period due to heavy pendency of the cases in this Forum.

Announced in Open Forum