FINAL ORDER/JUDGEMENT
SHRI REYAZUDDIN KHAN,MEMBER
This is an application U/S..35 of the C.P. Act, 2019.
The case of the complainant in short is that the complainant has purchased a fixed deposit scheme of Humara India Credit Co-Operative Society Ltd in the name “F-36 Golden VM vide customer Id No. 662516000222 dated 23.05.2016 and deposited total sum of Rs,11,86,331/ ( Rupees Eleven Lakh Eighty Six thousand Three Hundred Thirty One )only under five different receipts and certificates a) Deposited amount 2,76,888/-Receipt No.665015250470 & certificate No.605001661233 deposited on 23/05/2016 for the period of 36 months having maturity amount 4,25,300/- and maturity date-23/05/2019 b)Deposited amount 2,65,538/-Receipt No.6650152504 & Certificate No.605001661234 deposited on 23/05/2016 for the period of 36 months and maturity date 23/05/2019 maturity amount 4,07,866/- c) Deposited amount 2,65,538 /- dated 23/05/2016 Receipt No.665015250472 & certificate No.605001661235 and maturity date 23/05/2019 & maturity amount 4,07866 d) Deposited amount 1,01479/- Receipt no.665015250473 & certificate No.605001661236 deposited on 23/05/2016 for the period of 36 months with the maturity date 23/05/2019 and maturity amount Rs,1,55,872 e) Deposited amount 2,76,888/- Receipt no.665015250474 & certificate No.605001661237 deposited on 23/05/2016 for the period of 36 months with the maturity date 23/05/2019 and maturity amount Rs,4,25,300/ The total sum of amount deposited of Rs,11,86,331/ ( Rupees Eleven Lakh Eighty Six thousand Three Hundred Thirty One ) whereas the total maturity amount stands Rs,18,22,204 ( Rupees Eighteen Lakh Twenty two thousand Two Hundred Four) only. Despite maturity, the OP did not pay the matured amount along with interest. The complainant applied for refund of the matured amount vide letter dated 27.09.2022 but OP did not pay attention to redress the grievances of the complainant.Copy of the letter and postal track report are submitted by the complainant. There is deficiency in service and unfair trade practice on the part of the OP. Finding no other alternative, complainant filed the instant consumer case praying for direction upon the OP to refund the maturity value of certificates amount of Rs Rs,18,22,204 ( Rupees Eighteen Lakh Twenty two thousand Two Hundred Four) only with interest of 18% per annum Rs 2,00,000/- (Rupees Two Lakh)only as compensation for harassment and mental agony and Rs 50,000/ (Rupees fifty thousand) only as litigation cost.
Despite service of notice, the OP did not turn up to contest the case.
As such, the case has proceeded ex-parte against the OP.
Decision with Reasons
Upon perusal of the consumer complaint coupled with evidence of the complainant including photocopies of the money receipts and certificates, we find that the complainant invested 11,86,331/ to the OP. The maturity date of those investment already completed. In spite of maturity, the OP failed to discharge their contractual obligations regarding payment of the deposited amounts
The OP is fully aware that they are liable to pay the matured amount including interest thereon to the complainant. Complainant invested his hard earned money with the OP. The OP deliberately make their illegal gains and to deprive the complainant from his lawful right withheld the invested amount. Thus, the OP has adopted unfair trade practice, and in fact, withhold the invested amount of11,86,331/ along with accrued interest thereon since23.05.2016 till date which no doubt adopted deceitful manner of trade. The OP has opted not to file written Version despite of service of notice of complaint, the above allegations of the complainant is deemed to have been admitted as correct. Complainant has filed his affidavit reaffirming the allegations. Thus, it stands proved that despite of having received Rs. 11,86,331/ - the OP has failed to refund the maturity amount. In absence of any explanation for failure to comply with the stipulation of refund of maturity amount, we have no hesitation in concluding that the OP has committed deficiency in service and also have indulged in unfair trade practice.
The Consumer Protection Act came into being in the year 1986. It is the benevolent piece of legislation to protect the consumers from exploitation. The spirit of the benevolent legislation cannot be overlooked and its object is not to be frustrated. The complainant has invested Rs. 11,86,331/ /- to the OP for his financial gain. The OP failed and neglected to pay matured amount with interest since 23/05/2016 to the complainant and the act and conduct of the OP is a clear case of deception, which resulted in the injury and loss of opportunity to the complainant. Had the complainant not invested his money with the OP, he would have invested the same elsewhere. The complainant cannot be wait indefinitely to get the matured amount. The complainant has suffered mental agony, pain and harassment. It is settled principle of law that the compensation should be commensurate with loss of suffered and it should be just, fair and reasonable and not arbitrary. To get relief, the complainant has to wage a long drawn and tedious legal battle. In these circumstances, the complainant is entitled to refund of matured amount with interest, compensation and litigation cost.
In the result, the case succeeds in part.
Hence,
Ordered
That the complaint case be and the same is allowed Ex-parte against the OP with litigation cost of Rs. 15,000/- (Rupees Fifteen thousand) only.
OP is directed to refund the amount as per the certificates annexed of the invested money of only Rs,11,86,331/ ( Rupees Eleven Lakh Eighty Six thousand Three Hundred Thirty One ) along with interest @9% from the date of filing of the case till realization within 60 days from the date of this order.
OP is further directed to pay Rs. 100,000/- (Rupees One Lakh) only as compensation for causing mental agony, pain and harassment to the complainant within the stipulated period.
Complainant put the order in execution, if the OP transgresses to comply the order according to Consumer Protection Act, 2019 after the expiry of 60 days.
