D.o.O:30/12/16                     

                           IN THE CONSUMER DISPUTES REDRESSAL FORUM IDDUKKI

                                                                CC.NO.119/16

                                               Dated this, the 30^th   day of December 2016

PRESENT:

SRI.S.GOPAKUMAR : PRESIDENT

SRI.BENNY.K.            : MEMBER

Binu.T.R, S/o Rajappan, Thekkolickal (H)

Kanhikuzhi, Po, Kathipparathadam Kara.                                    :  Complainant

(Adv.V.V.Sunny) 

1.Branch Manager,

Mahindra& Mahindra Financial Services Ltd                                           : Opposite parties

Ist floor, ,Elayidath  Building, Kallarkutty Road,

Adimali -685561.

2. Mahindra& Mahindra Financial Services Ltd 

1^st Floor, Neelakandam Bhavan,

Near Cheruthony Police Station, Thodupuzha Road,

Cheruthony-685602.

(Adv.Saji Augustine)

                                                                                             ORDER

SRI.BENNY.K :MEMBER.

   The complainant had availed a loan for Rs.345000/- from 1st opposite party to purchase a Bolero vehicle  bearing Reg.No. KL28 4447  on 21/10/13  .  He had agreed to repay the amount in 36 monthly instalments  for Rs.13190/- each .  Towards security of the  loan complainant had entrusted 10 blank cheque  leaves with the opposite party.  Due to financial crisis the complainant could not remit the monthly installments in time.  On 25/2/16 2^nd opposite party had issued a notice demanding Rs.35458/-.  After receiving the notice complainant approached  the opposite parties for remitting Rs.50000/- but they never accepted the amount.  Opposite parties fraudulently claimed more money which includes huge overdue charges and penal interest and denied the  statement of  account .  Hence the  complainant approached the Forum   for getting  an order to restrain the opposite parties  from taking forceful possession of the vehicle from the custody of  the complainant.

2.   Opposite parties have not any contention against the loan amount and the instalments repayment.  Complainant was a chronic defaulter, since the complainant was not ready to remit the amount  in time, the   opposite parties had initiated coercive steps to realize the money due.

3.   The point for consideration is whether there  is  any deficiency in service on the part of opposite parties and if so  for what  relief  the complainant is entitled to ?

4. The evidence consist of oral testimony of PW1 and Exts P1 to P4 marked.  No oral and documentary evidence adduced by the opposite parties.

5.The Point :   Complainant was examined as PW1 .  He had availed loan for Rs.345000/- from the Ist opposite party to purchase a Bolero vehicle bearing Reg.No.KL 28/ 4447 Ext.P1.   He had agreed to repay the amount  in 36 monthly instalments of Rs. 13190/- each Ext.P3.  Complainant had entrusted  10 blank signed cheque leaves with the opposite parties .  Due to financial crisis the  complainant could not remit the balance 10 instalments in time.  On 25/2/2016 2^nd  opposite party had issued a notice demanding Rs. 35458/- with interest.Ext.P2.  After receiving the notice complainant had approached the opposite parties for remitting Rs.50,000/-  but the opposite parties denied to receive the amount and fraudulently  claimed more money , which includes huge overdue charges and penal interest.  Hence the complainant approached the Forum for getting an order to restrain the opposite parties  from taking forceful possession  of the vehicle and for  compensation and costs.   Complainant has already deposited an amount of Rs.30,000/- before the Forum.

6.   Opposite parties have no contention against the loan amount and the instalment repayment.  Opposite party stated that the complainant was a chronic defaulter.  Opposite parties  have not produced any authentic document from  RBI or government to show that they  can  charge  huge interest for delayed payment.  Hence we  fix an interest of 12% per annum for the defaulted instalments for the  defaulted period and  cheque bounce charge as Rs.200/-.

   Petition partly allowed the opposite parties are  directed to settle the loan account of the complainants’  vehicle  by charging only 12% interest per annum  for the defaulted instalment for the defaulted period and order to return all documents collected as security for the loan within 30 days of the receipt of a copy of this order.

        Pronounced in the open forum  on this  the  30^th     day of  December 2016 

                                                                                                           Sd/

                                                                                       SRI.BENNY.K          :MEMBER

                                                                                                                  Sd/

                                                                                       SRI.S.GOPAKUMAR : PRESIDENT

Exts

P1- copy of RC book

P2- copy of demand notice

P3-CC chart

P4-copy of instalment receipt

PW1- Binu.T.R-Complainant

eva

                                                                                     /Forwarded by Order

                                                                                      SENIOR SUPERINT