State Consumer Disputes Redressal Commission
Nicco Uco Alliance Credit Ltd. vs Smt. Kalpana Ghosal on 23 April, 2018
Cause Title/Judgement-Entry STATE CONSUMER DISPUTES REDRESSAL COMMISSION WEST BENGAL 11A, Mirza Ghalib Street, Kolkata - 700087 First Appeal No. A/762/2015 ( Date of Filing : 10 Jul 2015 ) (Arisen out of Order Dated 16/06/2015 in Case No. CC/02/2011 of District Kolkata-II(Central)) 1. NICCO UCO Alliance Credit Ltd. Nicco House, 2nd Floor, 2, Hare Street, P.S - Hare Street, Kolkata - 700 001. 2. The Director, M/S. NICCO UCO ALLIANCE CREADIT LIMITED Nicco House, 2nd Floor,2, Hare Street, P.S - Hare Street, Kolkata - 700 001. ...........Appellant(s) Versus 1. Smt. Kalpana Ghosal Vill - Chandanpur, P.O - Jangipara, Dist - Hoogly, Pin - 712 404. 2. M/S. Eastern Financer Ltd 14, 2nd Floor, India Exchange Place, Kolkata - 700 001. ...........Respondent(s) BEFORE: HON'BLE MR. SHYAMAL GUPTA PRESIDING MEMBER HON'BLE MR. UTPAL KUMAR BHATTACHARYA MEMBER For the Appellant: In-Person. , Advocate For the Respondent: Mr. Siddhartha Sankar Ghosal., Advocate Dated : 23 Apr 2018 Final Order / Judgement
Sri Shyamal Gupta, Member Present Appeal is directed against the Order dated 16-06-2015 of the Ld. District Forum, Kolkata, Unit-II (Central) in CC/02/2011, whereof the complaint has been allowed.
Brief facts of the complaint case are that, Complainant invested a sum of Rs. 10,000/- with the OP No. 1 through the OP No. 3. On maturity, the maturity sum being not paid by the OP No. 1, the complaint was filed.
OP Nos. 1&2, on the other hand, submitted that the Company suffered huge financial loss since the financial year 2003-2004. As such, Company was constrained to file an application before the CLB in June, 2004 seeking permission to repay the deposited amount in instalment. The Kolkata branch of the CLB, vide its order dated 22-03-2005 directed it to repay the deposited sum in a particular manner. However, owing to non-availability of cash flow, said order of the CLB could not be complied with. Thereafter, the OP No. 2 filed an application no. 850/2007 before the Hon'ble High Court, Calcutta, whereby it submitted a scheme before the Hon'ble Court which was approved vide Order dated 05-02-2015. In view of this, the OPs prayed for dismissal of the complaint.
Decision with reasons Despite due service of notice, the Respondents did not turn up before this Commission. So, the matter was heard ex parte. We have also gone through the documents on record.
It appears from the documents on record that the Appellants submitted a scheme before the Hon'ble High Court, Calcutta, whereof the Company proposed to convert its debt into equity shares. The Company envisaged that since it was a listed company with the Bombay Stock Exchange, post conversion of such debt into equity, depositors would be able to liquidate the said shares through the stock exchange.
It further appears from the documents that on due consideration of the said proposal of the Appellants, the Hon'ble Court was pleased to accord its due approval to the same.
Against such backdrop, it seems to us that any order passed by this Commission giving sanctity to the order of the Ld. District Forum would be nothing but a nullity in law.
Therefore, we are left with no other alternative but to set aside the impugned order.
The Appeal, thus, succeeds.
Hence, O R D E R E D The Appeal stands allowed ex parte against the Respondent No. 1. The impugned order is hereby set aside. [HON'BLE MR. SHYAMAL GUPTA] PRESIDING MEMBER [HON'BLE MR. UTPAL KUMAR BHATTACHARYA] MEMBER