Orissa

Sundargarh II

cc/142/2016

Sanjaya singh - Complainant(s)

Versus

The branch Manager Magma Fincorp ltd. - Opp.Party(s)

B.K.swain

13 Dec 2017

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM
SUNDARGARH-II, ROURKELA
 
Complaint Case No. cc/142/2016
( Date of Filing : 03 Dec 2016 )
 
1. Sanjaya singh
OCL marcket,Rajganpur,sundargarh
...........Complainant(s)
Versus
1. The branch Manager Magma Fincorp ltd.
1st flower,Nics building Gaffer Colony Infornt of SBI uditnagar rkl-12
............Opp.Party(s)
 
BEFORE: 
 HON'BLE MR. SRI.B.K.PANDA PRESIDENT
 HON'BLE MR. Babaji Sahoo MEMBER
 HON'BLE MRS. Sujata Nayak MEMBER
 
PRESENT:
 
Dated : 13 Dec 2017
Final Order / Judgement

Complaint relates to loan matter. Complainant availed loan amounting to Rs.5,55,000/- from the OP-Finance Company, on execution of Loan- Cum-Hypothecation Agreement in the year, 214, repayments with interest in 35 monthly installments from 01.07.2014 to 01.06.2017 @ monthly installments from 01.07.2014 to 01.06.2017 @ monthly installment of Rs.19,550/-. As on 13.12.2017 total amount of Rs.4,12,554/- has been paid by the Complainant and balance amount payable towards installment is Rs.3,30,346/-. Besides the said amount, amount charged towards penalty i.e. O.D. interest etc. of Rs.2,19,754/- and Rs.4000/- are outstanding for payment. Complainant alleges charging of inflated amount in the loan statement whereas O.P-Finance Company submits that the statement has been prepared as per the terms and conditions of the agreement. The Finance amount of Rs.5,55,000/- has to be repaid with interest and the Company is entitled to receive Rs.6,84,250/-, if the total 35 installments @ Rs.19,550/- are repaid in each month till the expiry of the tenure. Statement as on 13.12.2017 furnished by the OP-Finance Company shows that the complainant has already cleared RS.4,12,554/- leaving outstanding of RS.3,30,346/- and Rs.2,19,754/- towards interest. This being purely an accounts dispute between the parties, the consumer fora cannot decide the same. However, as substantial amount has been paid by the complainant to the OP- Finance Company as per the statement furnished before the Forum and as the period of repayment has already been expired, the OP-Finance Company should consider to waive the 00 interest and other charges excluding the outstanding installment amount of Rs.3,30,346/-.

     We, therefore, for maintaining proper justice, direct the OP- Finance Company to consider to waive out the other charges except outstanding installment amount of Rs.3,30,346/-, if the Complainant will liquidate the loan within two months and will pay the said amount at a time.

        According, the C.C. Case is disposed of.

 
 
[HON'BLE MR. SRI.B.K.PANDA]
PRESIDENT
 
 
[HON'BLE MR. Babaji Sahoo]
MEMBER
 
 
[HON'BLE MRS. Sujata Nayak]
MEMBER
 

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