Chandigarh

DF-I

CC/206/2018

Amarjeet Singh - Complainant(s)

Versus

Bajaj Finance Ltd. - Opp.Party(s)

Shrey Goel

03 Apr 2019

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I,

U.T. CHANDIGARH

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Consumer Complaint No.	:	CC/206/2018
Date of Institution	:	07/05/2018
Date of Decision	:	03/04/2019

 

Amarjeet Singh S/o Sujan Singh, R/o H.No.1394, Sec.40-B, Chandigarh.

…..Complainant

 

V E R S U S

 

1.      The Managing Director, Bajaj Finance Limited, Regd. Office Mumbai – Pune Road, Akurdi, Pune – 411035, Maharashtra.

 

2.      The Branch Manager, Bajaj Finserv, SCO 56, Sector 26, Chandigarh.

…… Opposite Parties

QUORUM:	MRS.SURJEET KAUR	PRESIDING MEMBER
	DR.S.K.SARDANA	MEMBER

 

ARGUED BY	:	Sh. Shvetanshu Goel, Counsel for Complainant.
	:	None for Opposite Parties.

 

PER Surjeet Kaur, Presiding Member

1.         Adumbrated in brief, the facts necessary for the disposal of the instant Consumer Complaint are that believing the words of the Opposite Party No.2 that in case of pre-payment of loan amount there would be no foreclosure charges, the Complainant took a loan against property on 30.04.2014 for an amount of Rs.3,00,00,000/- (Rupees Three Crore). The Complainant never defaulted in making the payments to the Opposite Parties and on 08.11.2016 requested the Opposite Party No.2 for pre-payment of the loan amount. The Opposite Party No.2 arbitrarily charged an amount of Rs.5,78,050.40/- a foreclosure charges at the rate of 2% from the Complainant. The Complainant requested the Opposite Party No.2 through various e-mails to forego the pre-payment charges, but to no avail. Eventually, the Complainant got served a legal notice dated 07.12.2017 upon the Opposite Parties, but the same did not fructify. It has been alleged by the complainant that the opposite party deposited the principal amount of Rs.5,78,050/- in the bank account of the complainant on 13.12.2017, but, without the payment of interest over the same from 8.11.2016 to 13.12.2017. Alleging that the aforesaid acts amount to deficiency in service and unfair trade practice on the part of the Opposite Parties, the complainant has filed the instant Consumer Complaint.
2.         Notice of the complaint was sent to Opposite Parties seeking their version of the case. 
3.         Opposite Parties contested the Complaint and filed their joint written version, inter alia, admitting the basic facts of the case. It has been pleaded that as per clause 2.9 (a) of the loan agreement, the borrower has to give prior written notice of his intention to pre-pay the full/part amount of loan in accordance of the terms as set out in point (g) of the Schedule and pay to the lender such pre-payment charges mentioned in the Schedule is subject to change by the lender from time to time. Thus, the answering Opposite Parties have rightly asked for the foreclosure charges which were there at the time the Complainant asked to pre-pay his loan account.  It has been further submitted that complainant is not entitled to any interest as the foreclosure charges to the tune of Rs.5,78,050/- have been imposed as per the policy and later refunded as a goodwill gesture which is reflected in his account statement.  Pleading that there is no deficiency in service or unfair trade practice on their part, Opposite Parties have prayed for dismissal of the complaint.
4.         The parties led evidence in support of their contentions.
5.         We have gone through the entire record and have also heard the arguments addressed by the Ld. Counsel for the Complainant.
6.         Perusal of para No.(e) in the parawise written statement of Opposite Parties shows their admission that there were nil foreclosure charges as per the sanction letter at the time of availing the loan by the complainant. Since the complainant is a non-individual and having a floating rate of interest, the foreclosure charges charged from the complainant’s account was as per the guidelines of the Reserve Bank of India.  In our opinion when it was agreed between the both the parties as per the essential terms and conditions of the agreement for not charging the foreclosure charges, then the act of the Opposite Parties in charging huge amount of Rs.5,78,050/- from its valuable customer as foreclosure charges and later refunding the same after various requests and efforts by the complainant without any fault on his part proves deficiency in service on their part.  Had the complainant been not so vigilant, the Opposite Parties with malafide intentions must have illegally and arbitrarily retained the aforesaid amount which shows their being very lame/inactive towards its gullible consumers.  Undoubtedly the amount wrongly charged was refunded back to the complainant, still to our mind he is entitled for the interest on the same.  Hence the act of the Opposite Parties for wrongly charging foreclosure charges and later after realizing their mistake, refunding the same without upto date interest proves their indulgence in unfair trade practice. Hence, Opposite Parties are directed as under :-

1. To pay interest @ 9% per annum on the principal amount of Rs.5,78,050/- w.e.f. 8.11.2016 (the date of charging the foreclosure charges) to 13.12.2017 (date of refund).
2. Rs.7,500/- to the complainant towards compensation for deficiency in service, unfair trade practice and physical & mental harassment caused to him.

(iii)   To pay to the complainant Rs.7,500/- as costs of litigation.

 

7.         This order be complied with by the Opposite Parties, jointly and severally, within thirty days from the date of receipt of its certified copy, failing which, they shall make the payment of the amounts mentioned at Sr.No.(i) & (ii) above, with interest @12% per annum from the date of this order, till realization, apart from compliance of direction at Sr.No.(iii) above.
8.         The certified copies of this order be sent to the parties free of charge. The file be consigned.

	Sd/-	Sd/-­
03/04/2019	[Dr.S.K.Sardana]	[Surjeet Kaur]
	Member	Presiding Member
“Dutt”