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 brief; is that the complainant  had purchased the fixed deposit scheme of Humara India Credit Co-Operative Society Ltd in the name “F 36 Golden VM”.and deposited a sum of Rs,1,43,658/-( Rupees  One Lakh FortyThree thousand Six hundred Fifty Eight) only vide certificate No.605000125974 on 18/02/2016 for the period of 36 months having maturity amount 2,20,659/- and maturity date-18/02/2019.Despite maturity, the OP did not pay the matured amount along with interest.The complainant applied for refund of the matured amount vide Advocate letter dated 19/02.2023 but OP did not pay attention to redress the grievances of 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 2,20,659 ( Rupees Two Lakh Twenty thousand Six  hundred Fifty Nine) along with interest of 18% per annum only Rs 2,00,000/- ( Two Lakh )only as compensation for 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 receipt dated 18.02.2016,we find that the complainant invested Rs,1,43,658 /-( Rupees  One Lakh FortyThree thousand Six hundred Fifty Eight) only vide certificate No.605000125974 on 18/02/2016 only to the OP. The maturity date of those investment amount was18.02.2019 . In spite of maturity, the OP failed to discharge their contractual obligations regarding payment of matured amount

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 of Rs. 1,43,658 /-( Rupees  One Lakh FortyThree thousand Six hundred Fifty Eight) only along with accrued interest thereon since 18/02/2016  till date which no doubt adopted deceitful manner of trade.The OP has  failed to file written Version.Despite the above allegations of the complaint is deemed to have been admitted as correct. Complainant have filed his affidavit reaffirming the allegations. Thus, it stands proved that despite of having received Rs. 1,43,658 /-( Rupees  One Lakh FortyThree thousand Six hundred Fifty Eight) only 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 has 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 1,43,658 /-( Rupees  One Lakh FortyThree thousand Six hundred Fifty Eight) only  to the OP for his financial gain. The OP failed and neglected to pay matured amount with interest since 18.02.2016 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 with interest, compensation and litigation cost.

In the result, the case succeeds .

Hence,

                                     Ordered

That the complaint case be and the same is allowed  Ex-parte against the OP with litigation cost of Rs. 5,000/- (Rupees Ten thousand) only.

OP is directed to refund matured amount of Rs,2,20,659/- ( Rupees Two  Lakh Twenty  thousand Six hundred Fifty nine ) only along with interest @9% per annum since 18/02/2019 till realization along with litigation cost to the complainant within 60 days from the date of this order.

OP is further directed to pay Rs. 10,000/- (Rupees Twenty thousand) 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.