State Consumer Disputes Redressal Commission
New India Assurance Co.Ltd. 1St Floor, ... vs Sama Shiva Charan Reddy, Nizamabad. on 29 April, 2009
BEFORE THE A BEFORE THE A.P.STATE CONSUMER DISPUTES REDRESSAL COMMISSION : AT HYDERABAD. FA.No.417/2009 against order dt.19.11.2007 in CC.No.791/2006 District Consumer Forum-I, Visakhapatnam. Between: 1.Partha Saradhi Paul, S/o.late Netal Chandra Paul, Hindu, Male, Aged 45 years, R/o.Qtr.No.404/C, Sector IV, Ukkunagaram, Visakhapatnam 32, Visakhapatnam District. 2.Ashma Paul, W/o.Partha Saradhi Paul, Hindu, Female, Aged 36 years, R/o.Qtr.No.404/C, Sector IV, Ukkunagaram, Visakhapatnam 32, Visakhapatnam District. Appellants/Complainants. And 1.The Lloyds Finance Ltd. Rep. by its Branch Manager, Branch Office at 214, II Floor, Sai Shopping Complex, Dwarakanagar, Visakhapatnam 16. 2.The Lloyds Finance Ltd. Rep. by its Managing Director, Head Office at II Floor, Sandhya Complex, Opp.Sanyasa Ashram, Near Town Hall, Ashram Road, Ahmedabad 380 009. Respondents/Opp.Parties. Counsel for the Appellants Mr.Nimmagadda Satyanarayana. Counsel for the Respondents : Mr.N.A.Jairaj. QUORUM: THE HONBLE MR.JUSTICE D.APPA RAO, HONBLE PRESIDENT, AND SMT.M.SHREESHA,HONBLE LADY MEMBER.
FRIDAY, THE FIRST DAY OF MAY, TWO THOUSAND NINE.
Oral Order (Per Smt.M.Shreesha, Honble Lady Member) ******* Heard both sides.
1. Aggrieved by the order in CC.No.791.2006 on the file of District Consumer Forum-I, Visakhapatnam, the complainant preferred this appeal.
2. The brief facts as set out in the complaint are that the complainants deposited an amount of Rs.6,000/- each on 01.05.1997 which will be doubled by 23.03.2001. The rate of interest being 19.36% per annum and the total period of two bonds was 47 months. After the date of maturity, in spite of several requests opposite parties did not pay the amounts, and hence, the complainant filed the complaint before the District Forum seeking direction to pay maturity amount of Rs.12,000/- to each complainant with interest from 23.03.2001 to 23.09.2005 and damages of Rs.10,000/-.
3. Opposite parties 1 and 2 filed counter stating that in view of the Bombay High Court order and implementation of the scheme as per P.P. proceedings the amounts could not be paid, and therefore, the complainants should approach Bombay High Court pertaining to Lloyds Finance and sought for dismissal of the complaint.
4. The District Forum dismissed the complaint for default.
5. Aggrieved by the said order, the complainant preferred this appeal. The learned counsel for the appellants/complainants submitted that in spite of the amounts having been emitted and in spite of several requests, the amounts were not paid by the opposite parties. Merely because of their absence on 18.11.2007, the District Forum dismissed the complaint unilaterally.
6. The learned counsel for the respondents filed copy of orders in R.P.No.1768 and 1769 of 2000, wherein the National Commission stated as follows:
In this view of the matter, particularly when Liquidation Petition for winding up, is pending before the High Court of Bombay and the fact that a Special Committee is appointed and functioning under the High Court and that it has drawn a plan for repayment to the depositors/investors as quoted above, we hereby direct that neither the State Commissions nor the District Forums would proceed further with the disputes which are pending against Lloyds Finance Ltd. However, it would be open to the District Forums or the State Commissions to finalize the amount payable by the Company (payment of interest and compensation would be subject to final orders of the Special Committee of the Liquidator) and/or to direct the investors to lodge a claim before the Special Committee.
7. Keeping in view the order of the National Commission, we remand this matter to the District Consumer Forum-I, Visakhapatnam to finalize the amounts payable by the company and dispose of the same in accordance with law and as per the orders of the National Commission.
8. In the result, this appeal is allowed and the matter is remanded to the District Consumer Forum-I, Visakhapatnam to dispose of the same in accordance with law and as per the orders of the National Commission within a period of 8 weeks from the date of receipt of this order.
PRESIDENT LADY MEMBER Dt:.01.05.2009