Date – 25.11.2021
SRI SWADES RANJAN RAY
President
Facts of this case, in short, is that Complainant took loan of ₹3,80,000/- (Rupees Three lakh Eighty thousand only) and thereafter ₹70,000/- (Rupees Seventy thousand only) by depositing gold ornaments weighing about 202.49 grams and 37.50 grams with a interest @ 24% per annum.
That the Complainant paid interest amount from 17.06.2016 to 05.03.2018 for 202.49 grams gold and interest paid upto 16.03.2018 for 37.50 grams gold ornaments. That there is no interest due till the date 05.03.2018 for 202.49 grams of gold ornaments and 16.03.20108 for 37.50 grams gold ornaments.
That the Complainant received a notice from Opposite Parties in respect of ₹4,18,341/- (Rupees Four lakh Eighteen thousand Three hundred and Forty One only) on 04.06.2018 and ₹80,636/- (Rupees Eighty thousand Six hundred and Thirty Six only) on 14.06.2018. Opposite Parties issued notice on 31.07.2018 demanding ₹4,98,977/- (Rupees Four lakh Ninety Eight thousand Nine hundred and Seventy Seven only).
That the Opposite Parties demanded ₹6,00,000/- plus interest @ 26% per annum which was mentioned in the agreement paper. Due to non-payment of loan amount, Opposite Parties issued a notice stating that in default of payment loan amount auction of gold ornaments will be held as per terms of the agreement between the parties.
That the Opposite Parties are illegally or arbitrarily claim high interest i.e. @ 24% and @ 26% per annum which is against the guideline of Reserve Bank of India.
Hence, this complaint case,
Opposite Parties contested this case by filing Written Version. Wherein, Opposite Parties denied all the material allegation made against them by the Complainant.
It is the case of the Opposite Parties that Complainant took loan by depositing the gold ornaments and also putting his signature on the loan agreement. As per terms of the loan agreement, loan should be paid within 90 days. But, complainant failed to make payment of interest on the loan amount. Complainant took the gold loan by putting his signature on the loan agreement, as the Complainant failed to pay the loan amount along with the interest Opposite Parties gave the notice to the Complainant for payment, in default auction will be held for realization of the loan amount.
Hence, Opposite Parties did not claim the illegal amount or illegal interest. But Opposite Parties made his claim on the basis of terms of the loan agreement. Hence, Complainant has no cause of action to file this case and this complain case is liable to be dismissed.
Points for decision
- Whether Complainant has any cause of action to file this case or not?
- Whether there is any deficiency of service on the part of Opposite Parties or not?
- Whether Complainant will entitle to get any relief / reliefs as prayed for or not?
Decision with reason
All these points are taken up together for sake of convenience and brevity.
I have carefully perused the petition of complaint, Written Version and the Brief Notes of Argument (BNA) of Complainant and the Opposite Parties.
It is the case of the Complainant that Complainant availed loan by pledging the ornaments and sign the pawn ticket and Complainant aware the terms and condition of the agreement, and fully knowing it, Complainant put his signature in the loan agreement and took the above loan.
At the time of argument, Ld. Advocate submits that Opposite Parties have no power to override the guideline of Reserve Bank of India. Opposite Parties have no right to claim high rate of interest which is not recognized by the guideline of Reserve Bank of India.
But Ld. Advocate for the Complainant failed to file the guideline of Reserve Bank of India in this regard, after giving several opportunities. So, in my view, Complainant is bound by the terms of the agreement on which he put his signature. In this regard, in my view, the terms of agreement mentioned in the agreement paper are bound by the parties himself. Therefore, the submission of Ld. Advocate for the Complainant has no locus standi to claim high rate of interest.
The only case of the Complainant is that Opposite Parties claim high rate of interest which not permissible in law but Opposite Parties failed to produce any document in support of his submission. Considering the loan agreement, as well as the Written Version and petition of complaint, in my view, Complainant has no cause of action to file this case as the Opposite Parties have no latches for giving the loan amount in time as per loan agreement and Complainant is bound by the terms of the loan agreement.
Hence, all the points disposed accordingly.
In the result, this complaint case fails.
Court Fee paid correct.
Hence, it is
O R D E R E D
that the Complaint Case No. 236/2018 be and the same is dismissed on contest against all the Opposite Parties.
No order as to cost.
Let a copy of this judgement be handed over to the parties at free of cost.
