To-day is fixed for admission hearing.
Complainant’s advocate files hazira.
Heard the Ld. advocate for the Complainant. Perused the complaint and the documents thereto.
The case of the complainant is, in brief, that he was sanctioned a cash credit loan of Rs. 4,00,00,000/- (four crore rupees) only by OP No.2 on 05.10.2015 for running his business. From the monthly interest report from December, 2015 to 12.07.2017, it appeared to the complainant that the OP no.2 illegally charged and deducted an amount of Rs. 4,16,722/- for the period from 10.02.2016 to 31.07.2017 towards penal interest as the stock statement has not been submitted by the complainant.
But he complainant firm has been submitting their stock statement regularly to the OP No.2. The complainant rushed to the OP No.2 and expressed his grievance and demanded refund of the illegally charged penal interest. The OP No.2 verbally agreed to look into the matter seriously.
Finding no positive steps from the end of the OP No.2 the complainant served a lawyer’s notice to the OP No.2 & 3 on 02.05.2018 but the said notice remained unreplied to. Hence is the case.
Considered. The loan amount exceeds the pecuniary jurisdiction of this Forum. Had the amount of Rs. 4,16,722/- not been the interest amount, the case would have remained within the pecuniary jurisdiction of this Forum. It is the principal amount out of which any interest accrues.
Moreover, since the loan a/c was closed on 31.07.2017, the complainant remains no more a consumer on the date of filing the complaint, i.e., 02.04.2019.
Thus the case is hit respectively by section 11(I) and 2(d) of the C.P. Act and hence not admitted.
