DATE OF FILING :29/12/2017 

IN THE CONSUMER DISPUTES  REDRESSAL FORUM, IDUKKI

Dated this the 2nd day of November  2018

Present :

SRI. S. GOPAKUMAR PRESIDENT

           SRI. BENNY. K. MEMBER

CC NO. 254/2017

Between

Complainant       :  Lingaraj S.,

                                                                            Periyavarai House,

                                                                            Top Division, Munnar.   

(By Adv: Shiji Joseph)

And

Opposite Party                                          :  1 . Shriram Transport Finance Co.Ltd.,

                                                                             Reg. Office Mookambika Complex,

                                                                             3rd Floor, No.4, Lady Desika Road,

                                                                             Mylapore  Chennai – 600 004,

                                                                             Represented by its Managing Director.

                                                                        2 . Shriram Transport Finance Co.Ltd.,

                                                                             Kallarkootty Road, Adimali.

 

O R D E R

SRI. S. GOPAKUMAR (PRESIDENT)

 

The case  of the complainant is that,  

 

The Complainant availed a loan of Rs.4.5 Lakhs on 18/12/14 from the opposite parties for purchasing a 2012 model Tavera Car.  Along with the loan complainant availed their other loans of Rs.28,415/-, Rs.33,336/- and Rs.26,988/- for insurance premium.  Out of which only the third loan is outstanding.  The complainant agreed to pay all these loan with 36 monthly instalments out of which the EMI of the main loan is Rs.18,500/-.  As per the loan agreement, the complainant is liable to pay Rs.7,34,564/- as total loan amount including the finance charges.  In this amount Rs.5,03,660/- already paid and the balance amount is to be paid is Rs.2,30,904/-.  But the opposite parties demanding Rs.3,35,438/- for closing the loan.  The opposite parties claims Rs.1,05,000/-as penal interest.  The opposite parties charges 14% flat rate interest to the loan.  Due to some unforeseen reasons complainant failed to repay the loan in time.  On that reason the opposite parties charged 36% interest  as  penalty  and  it  is  unfair trade practice and hence the complainant

                                                                                                                            (Cont....2)

-2-

approached this Forum against the alleged acts of the opposite parties for allowing relief such as to direct the opposite parties to adjust Rs.13,316/- already charged as interest to the principle loan amount and allow the complaint to close the loan and also direct to issue loan termination letter along with cost and compensation.

 

Upon notice opposite parties entered appearance and filed reply version by denying all the allegation in the complaint.  Opposite parties further contented that on 18/12/14 the loan was advanced to the complainant and as per the agreement an amount of Rs. 6,38,186/-, have to be repaid by the complainant by total 36 instalments.  Out of this amount Rs.4,50,000/- was the loan amount and Rs.1,88,186/- is the interest.  The complainant miserably failed to remit the instalments regularly as an amount of Rs.3,33,190/- is pending in the said loan account as on 19/12/17 and loan period was over on 20/12/17.  The complainant further availed working capital loan of on 28/07/15 of Rs.28415/-  agreed to paid by 12 instalments @ Rs.3073/- along with interest.  The complainant further availed working capital loan for Rs.33,336/-.  On 09/07/16 and agreed to pay it by 12 instalments @ Rs.3720/-.  Again on 09/07/17 complainant availed another WCL of Rs.26,988/- and agreed to pay it also by 12 instalments @ Rs.3846/- along with interest.  Hence there is an amount of Rs.3,33,190/- is due from the complainant to the opposite parties.  The opposite parties had claimed only what they legally entitled.  When the loan account became default, once the vehicle was taken by the opposite parties as per the order of Arbitration and thereafter as per the request and assurance from the side of the complainant, the vehicle was returned to the complainant.  Since the payment was made after the stipulated date, the opposite parties are entitled to claim overdue charges as per the terms of the agreement and the complainant is liable to pay the same.  The interest rate was specifically stated in the loan agreement and the instalment was scheduled accordingly the complainant had affixed his signature after knowing  all these terms and conditions and the contention contrary  to the same is made only for the sake of the complaint.  Hence the complainant is not at all entitled to get any relief from the Honourable Forum and the complaint is liable to be dismissed.

 

Evidence adduced by both the parties by way of documents.  Complainant  filed  loan  statement  of  account  which  is  marked  as  Ext.P1.

                                                                                                                           (Cont....3)

-3-

Opposite parties filed loan statement of account and certificate of insurance policy are marked as Ext.R1 and Ext.R2 respectively.

 

Heard both sides,

 

The point that arose for consideration is whether there is any deficiency in service from the part of opposite parties, and if so, for what relief the complainant is entitled to ?

 

The Point:- We have heard the counsels of both parties and and have gone through the evidence on records.  It is an admitted fact that the complainant availed a vehicle loan of Rs.4,50,000/- from the opposite parties company on 18/12/14.  In addition to this loan he availed their other loans for paying insurance premium.  The duration of the main loan was 36 months and other three working capital loans were 12 months.  The interest of the main loan was calculated as 1,88,186/-.  Hence a total amount of Rs.6,38,186/- was for the total repayment amount of the main loan.  As per the version of the complainant, he repaid all these loans, except some instalments and as per his calculation the outstanding loan dues  is only Rs.1,05,000/-.  But the claim of the opposite parties  is Rs. 3,33,190/- as loan dues.  For substantiating the plea, opposite parties  filed detailed loan statement.  As per the Ext.R1 loan statement  the total amount received from the complainant in this loan account is Rs.5,68760/- till 19/08/2018 and loan arrears as on 06/09/18 is Rs.3,96306/-.  As per Ext.P1 loan account statement the amount of Rs.3,35438/- is due as on 10/08/2017.

 

In the complaint, the complainant specifically averred that,  along with the main loan he availed their additional loan for the payment of insurance premium and some of the instalments is pending.  But the complainant has not specifically stated how much instalment is pending and from which instalment he committed default. On going through the detailed loan statement, it is clear that the complainant was irregular in re-payment of working capital loans.  No corroborating documents is produced by the complainant to convince that he is liable to pay only Rs.1,05,000/- towards the said loan as loan dues, without sufficient materials to prove the pleadings, Forum cannot believe the version of the complainant as a whole.

 

                                                                                                                           (Cont....4)

-4-

 

Hence the Forum is of a considered view that, the complainant is liable to pay the defaulted instalments.  Under this circumstances the Forum allowed the complaint in part.  Complainant is directed to pay the defaulted instalments with 12% interest from the date of default within  3 months from the date of receipt of the copy of this order.  The  Forum directs the opposite parties to serve a copy of loan account statement to the complainant by calculating 12% interest in the defaulted loan instalments from the date of default till the date when the complainant approaches them.  If the complainant failed to comply the direction of this Forum opposite parties are at liberty to initiate further proceedings against the complainant as per rules.

 

Pronounced in the Open Forum on this the  2nd  day of November, 2018.

 

                                                                                                       Sd/-

                                                                                       SRI. S. GOPAKUMAR (PRESIDENT)

                                                                                                              Sd/-                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

             SRI. BENNY. K.  (MEMBER)

APPENDIX

 

Depositions :

On the side of the Complainant :

Nil

On the side of the Opposite Party :

Nil

Exhibits :

On the side of the Complainant :

Ext.P1            -  Loan statement of account

On the side of the Opposite Party :

Ext.R1    -  Loan statement of account

Ext.R2    -  Certificate of insurance policy 

 

              Forwarded by Order,

 

 

                    SENIOR SUPERINTENDENT