DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BATHINDA.

CC.No. 277 of 14-06-2012

Decided on 19-10-2012

1.Jagtar Singh aged about 45 years s/o Gurdev Singh;

2.Yadwinder Singh s/o Gurdev Singh;

Residents of village Pathrala, Tehsil and Distt. Bathinda.

........Complainants

Versus

1.The Punjab State Federation of Co-operative House Building Societies Ltd., (Housefeed), SCO No.150-152, Sector 34A, Chandigarh; through its Managing Director.

2.The District Manager, Housefeed, Bhagu Road, Bathinda.

.......Opposite parties

Complaint under Section 12 of the Consumer Protection Act, 1986.

QUORUM

Smt. Vikramjit Kaur Soni, President.

Sh.Amarjeet Paul, Member.

Smt. Sukhwinder Kaur, Member.

Present:-

For the Complainants: Sh.V.P. Khurmi, counsel for the complainants.

For Opposite parties: Sh.Harraj Singh, counsel for opposite parties.

ORDER

VIKRAMJIT KAUR SONI, PRESIDENT:-

1. The complainants have filed the present complaint under section 12 of the Consumer Protection Act, 1986 as amended upto date (Here-in-after referred to as an 'Act'). The brief facts of the complaint are that the complainants have availed the loan facility for Rs.1,80,000/- from the opposite parties in the year 1998, for the construction of the house. The complainants have to pay the interest on the loan amount @ 17% p.a. with the condition that it will be increased or decreased as per the direction of Reserve Bank of India. The opposite parties disbursed Rs.1,71,000/- only to the complainants against sanctioned loan amount of Rs.1,80,000/-. The complainants were to repay the loan amount with interest in installments. In the meantime, the complainants came to know that Reserve Bank of India has reduced the interest rate to 8% p.a on the house loan but the opposite parties were charging exorbitant rate of interest @ 17% p.a. from them. Before the disbursement of the loan amount, the opposite parties had promised to charge the interest on the loan amount on yearly basis but after disbursement of the loan, they started charging interest on the loan amount on quarterly basis. The complainants approached the opposite parties to charge interest on the loan amount @ 8% p.a. as per the RBI guidelines and requested them to pay Rs.9000/-, which was paid less to them by the opposite parties at the time of disbursement of the loan in the sum of Rs.1,80,000/- and interest on the amount of Rs.9000/- @ 18% p.a. from 28.11.1998 but the opposite parties did not pay any heed to their requests. The complainants have filed a complaint against the opposite parties but the same was withdrawn as they agreed to reduce the interest on the loaned amount after reducing the amount of interest. The complainants have repaid the amount of Rs.4,19,326/- till 29.3.2012 against the loan amount of Rs.1,80,000/- and interest. The complainants have approached the opposite parties to issue no due certificate and statement of their loan account and they have paid the excess amount against the loan amount and interest but they have refused to entertain their complaint rather demanded Rs.55,000/- more. Hence the complainants have filed the present complaint for seeking the directions to the opposite parties to give the account statement of their loan amount, to issue No Due Certificate and to refund the excess amount alongwith cost and compensation.

2. Notice was issued to the opposite parties. The opposite parties after appearing before this forum has filed its written statement and pleaded that this Forum has no jurisdiction to try and decide the present complaint as the complainants have not availed the efficacious remedy available with them before the Registrar, Co-operative Societies as provided under section 55 & 56 of Punjab State Co-operative Societies Act, 1963 and as such the present complaint is liable to be dismissed. The opposite parties further submitted that the complainants had obtained the loan of Rs.1,80,000/- for the construction of the house in the year 1998. The complainants have executed the necessary loan documents in favour of the opposite parties. The opposite parties have sanctioned the loan of Rs.1,80,000/- and the same was disbursed to the complainants. The opposite parties denied that they have released the loan amount of Rs.1,71,000/- only rather they have disbursed the whole amount. The complainants had agreed to repay the abovesaid amount of the loan of Rs.1,80,000/- alongwith interest as per the terms of the loan agreement between the parties. The guidelines of Reserve Bank of India are not applicable to the opposite parties as alleged by the complainants. The opposite parties have been charging the interest from the complainants as per the terms of the loan agreement. The opposite parties have been crediting the entire amount deposited by the complainants with them in their loan account. The complainants have deposited a sum of Rs.4,27,729/- with the opposite parties in installments out of which Rs.2,82,698/- has been adjusted on the account of the interest and Rs.1,45,031/- against the principle amount and still an amount Rs.45,698/- is due and outstanding against them. The opposite parties cannot issue no due certificate in favour of the complainants until and unless the entire amount is paid by them. The opposite parties have not raised the demand of Rs.55,000/- from the complainants for issuance of the no due certificate.

3. The parties have led their evidence in support of their respective pleadings.

4. Arguments heard. The record alongwith written submissions submitted by the parties perused.

5. Admittedly, the complainants had availed the loan facility for Rs.1,80,000/- from the opposite parties in the year 1998, for the construction of the house at the rate of interest 17% p.a.. The complainants have to pay the amount in the installments. The complainants have paid the amount of Rs.4,27,729/- till 29.3.2012 to the opposite parties in the installments.

6. The disputed facts between the parties are that the complainants had applied for the loan amount of Rs.1,80,000/-, whereas only the amount of Rs.1,71,000/- has disbursed to them and the opposite parties have withheld the amount of Rs.9000/-. The rate of interest that has been charged from the complainants was @ 17% p.a, whereas when they were paying the installments, the Reserve Bank of India has issued the guidelines that the interest on the housing loan will be reduced to 8% p.a. The complainants have deposited the amount of Rs.4,19,326/- till 29.3.2012 against the loan amount of Rs.1,80,000/-. The opposite parties have also demanded the amount of Rs.55,000/- from the complainants and have not issued the loan account statement and no due certificate to them.

The opposite parties on the other hand submitted that they have disbursed the full loan amount i.e. Rs.1,80,000/- and has not withheld the amount of Rs.9000/-. The interest is variable as per the guidelines of Reserve Bank of India. The rate of interest is charged from the complainants as per the agreement that has been signed between them and the opposite parties. The complainants have paid the amount of Rs.4,27,729/- to the opposite parties in installments, out of which Rs.2,82,698/- has been adjusted on the account of the interest and Rs.1,45,031/- against the principle amount and the amount Rs.45,698/- is outstanding against them. The opposite parties have supplied the detailed account statement to the complainants and they have demanded Rs.55,000/- from them. The complainants are entitled to get the no due certificate when the whole outstanding amount will be paid by them to the opposite parties.

7. On the legal side the opposite parties submitted that this Forum has no jurisdiction to try and decide the present complaint as the complainants have not availed the efficacious remedy available to them before the Registrar, Co-operative Societies as provided under section 55 & 56 of Punjab State Co-operative Societies Act, 1963.

8. From the facts, circumstances and evidence placed on file it is clear that the complainants have filed this complaint with the allegations that the opposite parties are charging the exorbitant rate of interest i.e. @ 17% p.a. from them, whereas as per the guidelines of the Reserve Bank of India issued after the disbursement of loan and the rate of interest was reduced to 8% p.a in such a case the opposite parties have to charge 8% p.a interest from them. The amount of Rs.4,29,729/- has already been paid by the complainants against the loan of Rs.1,80,000/-, out of which Rs.2,82,698/- has been adjusted on the account of the interest and Rs.1,45,031/- against the principle amount and the amount Rs.45,698/- is still pending against the complainants. Moreover, it is also a disputed fact that the opposite parties have disbursed less loan amount i.e. to the tune of Rs.1,71,000/- against the sanctioned loan amount of Rs.1,80,000/-. It is also disputed by the complainants that no account statement till date has been issued to them by the opposite parties. The complainants have applied no due certificate which has also not been issued by the opposite parties as they have submitted that the amount of Rs.45,698/- is still outstanding against the complainants, whereas they have alleged that the opposite parties have demanded the amount of Rs.55,000/- from them for issuing the no due certificate.

It has been observed that the matter in dispute in the present complaint is regarding the rendition of the account, that needs voluminous and elaborated evidence, which is not possible in the summary procedure as it needs more documentary evidence, witnesses to be examined and cross-examined. The opposite parties have taken the legal objection that this Forum has no jurisdiction to try and entertain the present complaint as the complainants have not availed the remedy available to them before the Registrar, Co-operative Societies.

9. Therefore in view of what has been discussed above, this complaint is not maintainable before this Forum, thus this complaint is dismissed without any order as to cost.

10. The complainants are at liberty to approach the appropriate authority/forum/court for the redressal of their grievances if law permits.

11. A copy of this order be sent to the parties concerned free of cost and file be consigned to the record room.

Pronounced in open Forum:-

19-10-2012

(Vikramjit Kaur Soni)

President

(Amarjeet Paul)

Member

(Sukhwinder Kaur)

Member