By Smt. Saji Mathew, Member:

The gist of the case is as follows.
 

The Complainant is the R.C owner of Bajaj Pulsor Motor Cycle Regi. No. KL 12C/ 2077 registered at the office of 3^rd Opposite party. At the time of purchasing the vehicle, the

Complainant has availed a loan from the 1^st Opposite party which was arranged through the 2^ndopposite Party. The loan amount was Rs. 38,000/- the loan scheme offered by OP1 and OP2 was of 0% interest rate and as per the terms and conditions in the loan agreement, 18 monthly instalements each for Rs.2116/- were to be paid by the Complainant. The agreement was executed at the 2^nd Opposite Party's office. At the time of executing the loan agreement 2^nd opposite Party assured to handover the R.C book and repayment chart within one month. But the Opposite parties have never handed over the R.C or repayment chart to the complainant. The Complainant has repaid 13 instalments even though there were delay of some days. The Complainant approached the Opposite parties several time for closing the loan. But the Opposite Parties demanded exorbitant amount even though it was a 0% Scheme. The Complainant is ready to pay the balance instalments in lump sum with legally liable interest if any as per the loan account statement. The Complainant is even ready to deposit the balance amount before the forum if ordered. Due to the deficiency in service on the part of the complainant, the complainant has suffered mentally and financially. So the Complainant prays for an order directing the Opposite Parties to issue no objection letter, to remove the loan endorsement in the R.C book in respect of Motor Cycle No. KL12 C/2077 and cancel the loan agreement regarding loan account No.71594 within a stipulated period. Complainant also prays for an order directing the 3^rd Opposite Parties to cancel the loan endorsement in the R.C book in respect of the Motor Cycle Register No. KL 12 C/ 2077 if the 1^st and 2^nd Opposite Parties do not furnish the no objection letter within the stipulated period. The Complainant also requests for a compensation of 20,000/- and other costs from the 1^st and 2^nd Opposite Parties.

2. The Complainant was examined as PW1 and documents were marked as Ext.A1

series to Ext.A2 series. Opposite Party 1^st and Opposite Party 3^rd were set exparte . Second Opposite party filed version and stated that they have no connection with the loan transaction. The Complainant had remitted the price of motor vehicle and on receipt of the payment the 2^nd Opposite party issued bill for same. Second Opposite Party does not know the terms between the 1^st Opposite Party and Complainant. So the 2^nd Opposite Party prays for an order dismissing the complaint with compensatory cost. The 2^nd Opposite Party was examined as OPW1. No documents filed on the side of Opposite Parties.

3. Here the matters to be decided are as follows.

1. Whether there is any deficiency in service on the part of the Opposite parties ?

2. Whether the Complainant is entitled for any relief ?

4. Point No.1 The Complainant's case is that no chart or copy of loan agreement is given to him by the Opposite Parties. As per his contentions, 18 instalment of Rs. 2116/- each are to be paid by him and the loan amount is Rs. 38,000/-. The repayment chart and copy of loan agreement is to be produced by the Opposite parties and they have not appeared before the Forum. Hence the contention of Complainant is accepted. The Complainant has produced receipts for the instalments 6,7,8,10,11,12 and 13. He has produced another receipt for Rs.4000/-. Since the receipt for 13^th instalment is produced, it is clear that only 5 more instalments are remaining to be paid. The Complainant's grievance is that even though he is ready to pay the remaining 5 instalments, the Opposite Parties are not ready to accept the amount and are demanding huge amount as Penal charge. Similar instances have come into the notice of Forum where Finance Companies do not issue copies of Loan

agreement or repayment chart to their customers. In such cases, parties are left at the mercy

of financiers. The Complainant affirms that he is even ready to deposit the instalments before the Forum if ordered. It is deficiency in service on the part of the Opposite Parties not to accept the instalments and not to issue loan clearance certificate to the Complainant. Hence the point No.1 is found against the Opposite Parties.

5. Point No.2 Ext.A1 series receipts show that the 13^th instalments was paid on 31.03.07 and normally, the 18^th instalment is due on 31.08.07. The Complainant has not made any petition to allow him to deposit the instalments in the Forum. So the Complainant is entitled to get the loan clearance certificate from the 1^st opposite Party on repayment of the

amount which he is legally liable to pay. The Complainant is liable to pay the entire instalments within the agreement period ie, on or before the last instalment date as per the chart. Here the Opposite Parties has not appeared or produced the loan agreement or repayment chart. So the Opposite Party have to issue copy of loan agreement and repayment chart to the Complainant. They are entitled to charge only the agreement amount from the complainant.

Here the complaint is partly allowed and 1^st Opposite Party is directed to issue loan clearance certificate and cancel loan accounts regarding vehicle No. KL 12 C/ 2077 on accepting the amount as per the loan agreement and repayment chart which is legally due from the Complainant. The complainant is also liable to pay interest on the agreement amount from the due date of last instalment to 11 payment at the rate of 12%.

Pronounced in Open Forum on this the 24^th day of February 2009.

PRESIDENT : Sd/-

MEMBER I : Sd/-

MEMBER II : Sd/-

A P P E N D I X

Witnesses for the Complainant :

PW1. Aneesh. T.T Complainant

Witnesses for the Opposite Party :

OPW1. Harikumar P.K Manager K.V.R Motors

Exhibits for the Complainant :

A1.(Series) Receipts dt. 13.05.2006 to 31.03.2007

A2(Series) Lawyer notice with postal receipt

and acknowledgement card.

Exhibits for the Opposite Parties :

Nil.