Karnataka

Tumkur

CC/81/2020

Venkatesh T.G. - Complainant(s)

Versus

Sahara Credit Co-Operative Society Ltd - Opp.Party(s)

R.V.Doddashanaiah

13 Oct 2021

ORDER

Complaint filed on: 09-12-2020 Disposed on:13-10-2021 BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, TUMAKURU CC.No.81/2020 DATED THIS THE 13th DAY OF OCTOBER, 2021 PRESENT SRI.C.V.MARGOOR, B.Com, L.L.M, PRESIDENT SRI.KUMARA.N, B.Sc., L.L.B, MEMBER SMT.NIVEDITA RAVISH, B.A., L.L.B, LADY MEMBER Complainant: - Venkatesh.T.G S/o Late Ganganna Aged about 48 years, R/at Ward No.1, Rangapura, Tumakuru (By Sri.R.V.Doddashanaiah, Advocate) V/s Opposite party:- Sahara Credit Co-operative Society Limited, R/by its Authorized Signatory 1st floor, Vijaya complex, Near DCC Bank, S.S.Puram main road, Tumakuru (By Sri.M.Balakrishna Bhat, Advocate) ORDER SMT.NIVEDITA RAVISH, LADY MEMBER This complaint is filed under Section 35 of C.P.Act, 2019 to direct the Opposite Party-Society (hereinafter referred as OP society) to pay fixed deposit amount of Rs.11,02,744-00 together with litigation cost and such other relief. 2. It is the case of complainant that he had deposited amount with the OP society. The details of deposits as in the below table; Sl. No. Date of deposit Amount of deposit Maturity amount Receipt No. Maturity period Maturity date 1 21-6-2012 50000/- 130600 351005617537 96 months 21-6-2020 2 21-6-2012 50000/- 130600 351005617536 96 months 21-6-2020 3 5-7-2012 154665/- 403985 351005617580 96 months 5-7-2020 4 14-2-2012 127000/- 145669 925005401050 18 months 14-8-2020 5 14-2-2012 70000/- 80290 925005401051 18 months 14-8-2020 6 10-7-2012 105800/- 211600 071010261805 6 years 14-8-2020 Sl.No.6 receipt No.071010261805 is belonged to the complainant’s deceased wife and the complainant is the nominee for said invested amount. 3. After maturity of the bond certificates, the complainant has approached the OP society for release of matured amount of Rs.11,02,744-00, but the OP society is dodging the same on one or the other reason. The OP society has taken time to repay the maturity amount but it has failed to repay the same. Due to negligent act of OP society the complainant has suffered mental agony due to deficiency in service of OP society. Hence, this complaint. 4. The OP Manager after the service of notice appeared on 27-1-2021 and prays time to engage counsel. Further on 1-2-2021 Sri.M.Balakrishna Bhat has filed vakalath for OP. On 4-3-2021 and 19-3-2021 the OP Manager prays time for version, but already 45 days was expired from the date of service of notice, this Commission rejecting the prayer of OP Manager taken that OP has no version. Further on 28-9-2021 the OP counsel has filed IA under Section 151 of CPC seeking permission to file version/. The learned counsel for complainant has submitted that OP has taken nearly one year time to file version and IA may be allowed on heavy cost of Rs.25,000-00. The OP Manager has stated in the affidavit filed on 28-9-2021 in support of IA that on the previous date of hearing due to Covid lock down and official problems could not file version. The reason stated in the affidavit is patently false since the first lock down was declared on 24-3-2020 and second lock down was declared in April, 2021. Notice of the complaint was served on the OP society on 2-1-2021, the OP appeared on 27-1-2021 and right to file version was rejected after expiry of 45 days on 19-3-2021. In view of latches on the part of OP, IA was allowed on cost of Rs.5000-00 payable on same day, but the OP counsel further prays time for payment of cost hence, this Commission rejected the prayer of OP counsel as the OP has not filed version before 45 days from the date service of notice as per constitution bench decision of the Hon’ble Supreme court reported in New India Assurance Co. Ltd v/s Hilli Multipurpose Storage 2020 (2) CPR 166 dated 4-3-2020. The right of OP to file version was forfeited on 19-3-2021 as the OP has appeared on 27-1-2021. Further the OP neither filed affidavit evidence nor advanced arguments. 5. The complainant has filed his affidavit evidence and produced the death certificate of his wife marked as Ex-P7 and original deposit certificates issued by the OP society marked as Exs.P1 to P6 6. We have heard the arguments of the learned counsel for complainant and the points that would arise for determination are as under: 1) Whether the complainant proves the deficiency in service on the part of OP society not returning back the invested amount with interest after the maturity date? 2) Is complainant entitled to the reliefs sought for? 7. Our findings on the aforesaid points are as follows: Point No.1: In the affirmative Point No.2: In the affirmative for the below REASONS 8. Point Nos.1 and 2: The learned counsel for the complainant submitted that the OP inspite of opportunities given by this Commission did not care to contest the claim by filing defence. The complainant in his affidavit evidence reiterated the averments of complaint. The complainant has produced Exs.P1 to P6 bond certificates issued by the OP society for investment made on 21-6-2012, 5-7-2012, 14-2-2019 and 10-7-2012. These certificates contained investment amount, date of maturity and maturity amount. The complainant has invested the amount for 96 months, 18 months and six years. If the maturity amount mentioned in the certificates issued by the OP society indicate that the OP society has calculated interest @ 11% p.a. on the deposit or investment amount of the complainant. Now the bank rate of interest has been reduced as such the complainant is entitled to interest @ 8% p.a. on the maturity amount from the date of maturity till payment. 9. It is the bounden duty of the OP society to return back the maturity amount to the complainant immediately after expiry of maturity date. The act of OP society not returning back the invested amount to the complainant amounts to deficiency in service. The OP society shall liable to pay compensation of Rs.10,000=00 as the complainant has suffered mental agony for non return of the invested amount even after maturity date. Further the OP society shall liable to pay litigation cost of Rs.10,000=00. In the result, we proceed to pass the following; ORDER The complaint is partly allowed with costs. The OP society is directed to pay Rs.1,30,600-00, Rs.1,30,600-00, 4,03,985-00, 1,45,669-00, Rs.80,290-00 and Rs,2,11,600-00 to the complainant along with interest @ 8% p.a. from the date of maturity till its payment. It is further ordered that the OP society shall liable to pay the compensation of Rs.10,000=00 and Rs.10,000=00 as litigation cost to the complainant within 45 days from the date of order. Otherwise, said amount carries interest @ 8% p.a. from the date of filing the complaint till the date of payment. Furnish the copy of order to the complainant and opposite party at free of cost. (Dictated to the Stenographer, got it transcribed, corrected and then pronounced in the Open Commission on this the 13th day of October, 2021). LADY MEMBER MEMBER PRESIDENT