DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, JHARSUGUDA
CONSUMER COMPLAINT CASE NO. 08 OF 2015
Manoj Ray,
S/O- Ravinder Ray,
RO: Gwalapada, Lamtibahal, PS: Brajrajnagar,
Dist: Jharsuguda, Odisha………………………………………………Complainant.
Versus
Branch Manager,
SriRam Transport Finance Co. Ltd., Jharsuguda Branch,
Beheramal Road, PS/Dist: Jharsuguda, Odisha……………....….…...Opp. Party.
Counsel for the Parties:-
For the Complainant Shri S.P. Rai, Adv. & Associates.
For the Opp. Party Shri N. Biswal, Adv. & Associates.
Date of Order: 19.07.2016
Present
1. Shri S.L.Behera, President.
2. Shri S.K.Ojha, Member.
Shri S. L. Behera, President : - The brief facts of the case is that, the complainant has purchased one vehicle bearing Regn. No.OR-15H-9941 which has been financed by the O.P for an amount of Rs.6,04,650/- only by executing a loan agreement dtd. 31.01.2012 which the complainant was liable to pay the loan amount with interest. The complainant has paid more than Rs.5,52,200/- only as on April,2014. The O.P assured to charge interest @ 10% per annum but till today the O.P did not furnish any detail of charging interest and any money receipt. The complainant is not able to pay the further installments. The O.P is demanding more than Rs.6,53,271/- only and threating to seize the vehicle, hence this case.
The O.P. appeared through his counsel after being noticed and submitted his written version wherein it has been stated that the complainant is a defaulter in making payments of installments. The O.P further submitted that the complainant has taken loan of Rs.6,64,401/- only under loan agreement No. JHRSUO 201020005, JHRSUO 207040002 and JHRSUO 411300002. Regarding rate of interest it has been mutually settled at the rate of 16.194% per annum as per loan agreement executed between the parties. The complainant has outstanding dues of Rs.6,53,271/- only including future principal till dt.02.03.2015. The O.P never assured and sanctioned loan @ 10% per annum and never taken 12nos. of blank signed cheque from the complainant with denying all the allegations imposed by the complainant, the O.P has prayed for dismissal of the case.
On perusal of the complaint petition and written version files by the parties and after heard from concerned counsels for the parties. As per loan-cum-hypothecation agreement executed between complainant and O.P dtd. 03.01.2012 the loan amount sanctioned was Rs.6,04,650/- only and the rate of interest was @ 16.194% pa to be computed with monthly rest on the outstanding balance and the total amount payable was Rs.9,55,527/- only including interest which was to be repaid by the complainant in 43 nos. of installments but as per the statement of accounts dtd. 02.03.2015 the complainant has availed two more loans i.e. Rs.30,723/- dtd. 04.07.2012 and Rs.29,028/- dtd. 30.11.2014 in total amounting Rs.6,64,401/- only. Till the date of 02.03.2015 the complainant has paid Rs.5,52,200/- only and he was to pay Rs.6,53,271.26P only including future principal. The agreement period ended on dtd. 05.08.2015.
The said vehicle is in the possession of the complainant and as per the statement of account the complainant is paying the monthly installments time to time but not regularly. It reveals that the complainant is interested to clear the dues.
In the above observation we are in considered opinion to allow partly the complaint case with direction to the O.P to issue afresh statement of accounts in favour of the complainant as per loan agreement executed and receive the outstanding dues amounts from the complainant.
Accordingly the case is disposed of.
Order pronounced in the open court today the 19th day of July’ 2016 and copy of this order shall be supplied to the parties as per rule.
I Agree.
S.K.Ojha, Member S. L. Behera President
Dictated and corrected by me
S. L. Behera President
