FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
The facts, as stated in the complaint and emerged from the documents attached with it, are that Humara India Credit Cooperative Society Ltd. is a Financial Institution. OP-1 is the Manager of Humara India Credit Cooperative Society Ltd. Complainant invested Rs. 80,858/- to the OP-1 on 26.08.2016 for a period of 36 months. OP-1 issued certificate bearing No. 605001642248 to the complainant. The maturity date of the said certificate is 15.09.2019 and its maturity value is Rs. 1,24,198/-. Despite repeated request, the OPs did not refund the matured amount and notice dated 20.07.2020 was issued to the OP-1 but no fruitful result is forthcoming. Complainant further alleges that there is gross deficiency in service and unfair trade practice on the part of the OPs.
In view of the gross deficiency in service and unfair trade practices of the OPs, complainant has filed the instant consumer complaint seeking payment of matured amount along with compensation and litigation cost.
The OPs contested the case by filing WV denying the allegations made in the consumer complaint . The specific case of the OP is that despite several request the complainant did not produce original certificate and KYC document for internal process of disbursement of matured amount . The transaction between the parties is a commercial transaction and the complainant should redress his grievance to the competent Civil Court having its territorial jurisdiction. Accordingly, the OPs have prayed for dismissal of the complainant with cost.
Complainant has filed his evidence supporting the allegations made in the complaint petition. Complainant has also filed various documents in support of his case. Complainant also field BNA. Despite given opportunities, the OPs failed to file their E/chief.
We have considered the argument of the Ld. Advocate for the complainant and examined the record.
It is not in dispute that the complainant invested Rs. Rs. 80,858/- to the OPs against certificate bearing No. 605001642248. The maturity date of the said certificate is 15.09.2019. Despite several request and notice dated 20.07.2020, OPs did not pay the matured amount to the complainant. OPs are fully aware that they are liable to pay the matured amount to the complainant on its maturity. Complainant invested his hard earned money with the OPs. The OPs are deliberate to make illegal gains and to deprive the complainant from his lawful right. In fact, the OPs withhold the maturity amount which no doubt deceitful manner of trade.
OPs have not filed their E/chief. Complainant in his affidavit did support the allegations made out in the complaint. Therefore, it cannot be said that complainant has failed to prove deficiency in service and unfair trade practice of the OPs. The act of the OPs 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 to the OPs, he would have invested the same elsewhere. Complainant cannot be wait indefinitely to get the matured amount. Complainant has suffered mental agony and harassment. It is settled principal 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, complainant has to wage a long drawn and tedious legal battle. In these circumstances, the complainant is entitled to get the maturity amount of Humara India Credit Cooperative Society Ltd. Certificate along with compensation and litigation cost.
Based on the discussion above, the Consumer Case is allowed in part on contest against the OPs with the following directions :-
- OPs are directed to pay matured amount of Rs. 1,24,198/- (Rupees one lac twenty four thousand one hundred ninety eight) only to the complainant.
- OPs are further directed to pay Rs. 15,000/- (Rupees fifteen thousand) only as compensation to the complainant on account of mental agony and physical harassment.
- OPs are also directed to pay Rs. 5,000/- (Rupees five thousand) only towards litigation cost to the complainant.
The above directions be complied by the OPs within a period of 90 days from today. For failure or omission in compliance within the stipulated period, the complainant shall be at liberty to put the order in execution as per CP Act.
Copy of the judgment be supplied to the parties free of cost as per CP Act. Upload the judgment on the website of this Commission for perusal of the parties.
