ORDER BY HON’BLE PRESIDENT- MR. P.K. PADHI:
JUDGMENT
Complainant has filed this consumer complaint U/s.35 of C.P. Act, 2019 seeking following reliefs;
“Direct the opposite parties not to repossess the vehicle of the complainant till disposal of consumer complaint and pay compensation towards harassment and mental agony and cost of litigation”.
The brief fact of the case is that, the complainant was unemployed and being influenced by the advertisements made by the opposite parties availed a loan to purchase a truck to earn his livelyhood by carrying on goods transporting business. As per contract the loan amounting to Rs.24,50,000/- along with interest complainant has to pay @ Rs.66,000/- per installment in 48 installments. After payment of 23 EMIs regularly Covid-19 approached for which the complainant took moratorium for four months again for resurgence of Covid-19 during March, 2021 the complainant also availed restructure of his loan account in the month of August, 2021 and after restructure the complainant loan repayment scheduled to be repaid @ Rs.25,000/- each month for a year and there after @ Rs.51,000/- each for 33 months and the tenure of repayment terminates on 07.10.2025. On 18.5.2022 opposite parties threatened to repossess the vehicle of the complainant on ground of defaulting in paying EMI for the month of May, 2022.
The case of opposite parties is that complainant intended to purchase a vehicle to use the vehicle for commercial purposes and approached to opposite parties for availing the requisite finance for the purchase of the said vehicle. After proper consideration opposite parties agreed to finance an amount of Rs.27,37,000/- to the complainant by way of a duly executed a loan agreement to that effect on 01.02.2018. But repayment track was not as per agreed terms and conditions of the loan agreement, resulting which the complainant became defaulter. Hence as per the repayment schedule complainant has to pay the total agreement value sum of Rs.41,22,825/- including interest payable from 07.4.2018 to 07.10.2025 in 93 installments as per the repayment schedule and agreement copy issued to the complainant. It was an essential prerequisite that the said installments were to be paid on the 7th day of every month as per terms and conditions of the said agreement, failing which overdue interest and delay payment charges would accrue in the loan account of the complainant herein, and the complainant had also agreed to pay chaque bounce charges in case his instruments on that accord were dishonoured on presentation on such due dates. Furthermore the complainant has taken the governmental benefits like Covid-19 moratorium in the subject loan contract from the period of 07.3.2020 to 07.8.2020 along with one governmental cash guarantee loan has been availed by the complainant on 21.01.2021 vide loan contract with sum of Rs.1,87,000/- Hence the loan service of the opposite parties can be well considered towards compliance of the governmental compliances after exhausting the maximum financial assistance and moratorium to the complainant.
This Commission has directed to pay 50% of pending EMIs on 27.5.2022 and further directed to pay 30% of unpaid EMIs on 07.7.2022 and to pay future installments regularly. In case complainant has paid his dues as directed by this Commission then the opposite parties shall be liberal and give notice and opportunity of being heard before repossession and seizure of vehicle. Since the agreement period is up to 07.10.2025, the complainant is directed to pay his EMI regularly and to clear the loan before the agreement period. With the aforesaid observation and direction the consumer complaint is disposed of. No cost.
