BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION AT BANGALORE (URBAN)

DATED 28^TH DAY OF JULY 2022

ORDER

SRI.K.S.BILAGI, PRESIDENT

1. This  joint complaint has been filed by husband and wife against Opposite parties to direct the OPs to refund matured amount fixed deposits with interest for the delayed payment.

2.The case of the complainant in brief is as under:

On 24.07.2016 the complainants deposited Rs.4,00,000/- for  a period of 03 years with interest @ 10.5% P.A. with the OPs. On 06.11.2016 the complainants deposited Rs.3,00,000/- with the OPs for a period of 03 years for interest @ 10.5% P.A.

It is further case of the complainants that on the date of maturity, the complainants approached the staff members of OPs, who told to renew the same for 3-4 months, but the OPs neither renewed Fixed deposits nor refunded the amount with interest. Therefore, there is deficiency of service on the part of the OPs. Hence, this complaint.

3. Despite service of notice with copy of complaint, OPs failed to appear before this Commission and OPs have been placed exparte.

4. The complainants filed affidavit evidence and relies  on certain documents.

5.          Heard the arguments of the  complainants. Perused records.

6.  The following points arise for our consideration are as under:-

1. Whether the complainant proves deficiency in service on the part of the OPs?
2. Whether the complainant is entitled for the reliefs as mentioned in the complaint?
3. What order?

7. Our answer to the above points are as under:

       Point No.1 & 2:-Affirmative in part.

      Point no.3:-As per the final order.

REASONS

8. Point No.1&2:. The allegations made in the complaint are being spoken by the complainants in their affidavit evidences in support of documentary evidence. The complainants have produced copies of two cumulative deposits dt.24.07.2016 and 06.11.2016 for having  deposited  Rs.4,00,000/- and Rs.3,00,000/- respectively for a period of  36 months for 10.5% p.a. interest. According to these receipts, the maturity value on 24.07.2019 was Rs.5,44,881/- and Rs.4,09,411/-. They further indicate that the complainants  approached the OPs for early payment on 04.10.2021. Even the officials  have put seal and signature on these receipts, but they failed to refund the amount. The complainants have furnished their passbook, Aadhar card and PAN card.

9. We do not find any substance to disbelieve the case of the complainants. It is relevant to note that this complaint came to be filed on 14.01.2022 on the basis of intimation issued to OPs on 04.10.2021. The complaint is within time. More ever due to COVID-19 limitation was extended by the Hon’ble Supreme Court of India and more particularly by the Hon’ble National Consumer Disputes Redressal Commission vide circular no.07/2022 from time to time till 29.05.2022. In view of the specific directions of the Hon’ble Supreme Court of India and Hon’ble National Commission, the complaint is well within time.  

10. It has been proved that OPs have failed to pay maturity value of Rs.5,45,881/- and Rs.4,09,411/- i.e. Rs.9,55,292/-. Even agreed rate of interest is 10.5% p.a., but subsequently the bank rate of  interest has been reduced. Under such circumstances, the complainants are entitled for Rs.9,55,292/- with interest at 9% P.A. from 04.10.2021 till realization. The cost of litigation is quantified at Rs.10,000/-.

11. Point no.3: In view of the discussions referred above, the complaint requires to be allowed in part. The OPs are liable to refund Rs.9,55,292/- (Rs. Nine Lakhs Fifty five Thousand Two hundred and Ninety Two Only) with interest at 9% P.A. from 04.10.2021 till realization and Rs.10,000/-(Rs.Ten Thousand only) towards cost of litigation. Accordingly, we proceed to pass the following

O R D E R

1. The complaint is allowed in part.
2. The OPs shall refund Rs.9,55,292/- (Rs. Nine Lakhs Fifty five Thousand Two hundred and Ninety Two Only)to the complainants  with interest at 9% P.A. from 04.10.2021 till realization and pay  Rs.10,000/-(Rs.Ten Thousand only) towards cost of litigation.
3. The OPs shall comply this order within 60 days from this date.
4. Furnish the copy of this order to both the parties and return extra pleadings with documents to the parties.  

(Dictated to the Stenographer, got it transcribed and corrected, pronounced in the Open Commission on this 28^th  day of July, 2022)

Documents produced by the Complainant-PW.1 are as follows:

Documents produced by the representative of opposite parties-RW1: Nil