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Balwinder Singh v/s Mithoot Finance (P) Limited & Others


Company & Directors' Information:- L & T FINANCE LIMITED [Amalgamated] CIN = U65990MH1994PLC083147

Company & Directors' Information:- S P FINANCE PRIVATE LIMITED [Active] CIN = U65990MH1979PTC021790

Company & Directors' Information:- V L S FINANCE LIMITED [Active] CIN = L65910DL1986PLC023129

Company & Directors' Information:- L R N FINANCE LIMITED [Active] CIN = U65921TN1992PLC089288

Company & Directors' Information:- S M FINANCE LTD [Active] CIN = L65999TG1984PLC004526

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = L65999WB1993PLC058107

Company & Directors' Information:- B R D FINANCE LIMITED [Active] CIN = U65910KL1995PLC009430

Company & Directors' Information:- T C I FINANCE LIMITED [Active] CIN = U65920MH1973PLC017042

Company & Directors' Information:- A. V. B. FINANCE PRIVATE LIMITED. [Active] CIN = U65993DL1992PTC049818

Company & Directors' Information:- S M L FINANCE LIMITED [Active] CIN = U65910KL1996PLC010648

Company & Directors' Information:- S B FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008268

Company & Directors' Information:- INDIA FINANCE LTD. [Active] CIN = L65110WB1984PLC050214

Company & Directors' Information:- J J FINANCE CORPORATION LTD [Active] CIN = L65921WB1982PLC035092

Company & Directors' Information:- G V S FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008269

Company & Directors' Information:- G T P FINANCE LIMITED [Active] CIN = U65921TZ1991PLC003149

Company & Directors' Information:- S R K FINANCE PRIVATE LIMITED [Active] CIN = U65910UP1994PTC016038

Company & Directors' Information:- R N FINANCE LIMITED [Active] CIN = U74899DL1988PLC034289

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = U65999WB1993PLC058107

Company & Directors' Information:- C K G FINANCE PRIVATE LIMITED [Active] CIN = U65910KL1996PTC010147

Company & Directors' Information:- L N FINANCE LTD [Active] CIN = U65923WB1991PLC052876

Company & Directors' Information:- R K FINANCE LTD [Active] CIN = L65921WB1983PLC035896

Company & Directors' Information:- V P C L FINANCE LIMITED [Active] CIN = U65920TG1996PLC023172

Company & Directors' Information:- J S M FINANCE PVT LTD [Active] CIN = U74140MP1995PTC009542

Company & Directors' Information:- I & D FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1991PTC021369

Company & Directors' Information:- L N FINANCE PVT LTD [Active] CIN = U65929AS1992PTC003766

Company & Directors' Information:- N B A FINANCE LIMITED [Strike Off] CIN = U74899DL1993PLC052393

Company & Directors' Information:- T P D FINANCE LIMITED [Strike Off] CIN = U67120RJ1994PLC008051

Company & Directors' Information:- R G L FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015809

Company & Directors' Information:- S K B FINANCE LIMITED [Amalgamated] CIN = U65999WB1996PLC082317

Company & Directors' Information:- J V FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC067873

Company & Directors' Information:- L C J FINANCE PVT. LTD. [Active] CIN = U65921WB1995PTC068809

Company & Directors' Information:- H L T FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1996PTC078128

Company & Directors' Information:- R N C P FINANCE LTD. [Dissolved] CIN = U67120WB1995PLC072339

Company & Directors' Information:- T T FINANCE LIMITED [Amalgamated] CIN = U67120DL1986PLC023168

Company & Directors' Information:- M M V R FINANCE LIMITED [Active] CIN = U65921TZ1997PLC007705

Company & Directors' Information:- D B FINANCE PRIVATE LIMITED [Active] CIN = U65191TN1989PTC016705

Company & Directors' Information:- C H P FINANCE PVT LTD [Active] CIN = U65921PB1992PTC012788

Company & Directors' Information:- S L B P FINANCE PRIVATE LIMITED [Active] CIN = U74899DL1990PTC041694

Company & Directors' Information:- R S FINANCE PVT LTD [Active] CIN = U65191WB1988PTC044144

Company & Directors' Information:- I C FINANCE PRIVATE LIMITED [Active] CIN = U65921UP1989PTC011236

Company & Directors' Information:- V K FINANCE PVT LTD [Strike Off] CIN = U67120WB1991PTC052140

Company & Directors' Information:- C AND N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1998PTC094290

Company & Directors' Information:- C D R FINANCE LIMITED [Strike Off] CIN = U65910TG1995PLC022237

Company & Directors' Information:- J R FINANCE LIMITED [Active] CIN = U65921PB1996PLC017699

Company & Directors' Information:- SINGH FINANCE LIMITED. [Active] CIN = U67120JK1986PLC000847

Company & Directors' Information:- I C S FINANCE LIMITED [Strike Off] CIN = U65921TZ1987PLC001991

Company & Directors' Information:- D D S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910DL1996PTC076165

Company & Directors' Information:- K V L FINANCE LIMITED [Strike Off] CIN = U65191TN1989PLC016715

Company & Directors' Information:- D A S FINANCE PVT LIMITED [Strike Off] CIN = U65921PB1993PTC012888

Company & Directors' Information:- U B FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC051300

Company & Directors' Information:- V L G FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910AP1997PTC027952

Company & Directors' Information:- E M S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921TZ1986PTC001789

Company & Directors' Information:- T D M FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U65923KL1997PTC011601

Company & Directors' Information:- S. F. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018702

Company & Directors' Information:- D S L FINANCE PRIVATE LIMITED [Active] CIN = U65921TG1996PTC023898

Company & Directors' Information:- R D P FINANCE PRIVATE LIMITED [Active] CIN = U65929DL1997PTC089092

Company & Directors' Information:- S R K C FINANCE LIMITED [Amalgamated] CIN = U65999TZ1989PLC002445

Company & Directors' Information:- R K N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC038377

Company & Directors' Information:- H A FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027064

Company & Directors' Information:- V V A FINANCE LTD [Active] CIN = U65993WB1984PLC037171

Company & Directors' Information:- Y B FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921CH1996PTC017745

Company & Directors' Information:- D G L FINANCE LTD [Strike Off] CIN = U67120TG1993PLC015604

Company & Directors' Information:- M S R FINANCE PVT LTD [Strike Off] CIN = U65191TN1989PTC016789

Company & Directors' Information:- S S P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1987PTC014526

Company & Directors' Information:- C R N FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC062802

Company & Directors' Information:- I FINANCE COMPANY LIMITED [Active] CIN = U67110DL2011PLC212268

Company & Directors' Information:- H AND Z FINANCE PRIVATE LIMITED [Active] CIN = U67190MH1995PTC093153

Company & Directors' Information:- Y AND K FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC019837

Company & Directors' Information:- S L P FINANCE PRIVATE LTD. [Strike Off] CIN = U65923DL1985PTC021970

Company & Directors' Information:- V M FINANCE LIMITED [Strike Off] CIN = U65910PB1996PLC018339

Company & Directors' Information:- D S K FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010317

Company & Directors' Information:- G B V FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65110UP1988PTC010219

Company & Directors' Information:- B H FINANCE PRIVATE LIMITED [Strike Off] CIN = U65922KA1995PTC018390

Company & Directors' Information:- M .R .S . FINANCE LIMITED [Strike Off] CIN = U65929DL1995PLC067184

Company & Directors' Information:- H D FINANCE LTD [Strike Off] CIN = U67120DL1986PLC023675

Company & Directors' Information:- P R K FINANCE P LTD [Strike Off] CIN = U65191TN1995PTC033478

Company & Directors' Information:- T AND C FINANCE LIMITED [Strike Off] CIN = U67120RJ1996PLC012576

Company & Directors' Information:- W S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65192UP1996PTC020243

Company & Directors' Information:- S A C FINANCE COMPANY PVT LTD [Active] CIN = U65999WB1985PTC039002

Company & Directors' Information:- K K SINGH FINANCE P LTD [Strike Off] CIN = U65920MH1993PTC075742

Company & Directors' Information:- C C FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC037805

Company & Directors' Information:- S R B FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010045

Company & Directors' Information:- P V FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027270

Company & Directors' Information:- R V S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65990KA1995PTC018436

Company & Directors' Information:- P AND B FINANCE PVT LTD [Strike Off] CIN = U99999MH1986PTC038841

Company & Directors' Information:- B B P FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018183

Company & Directors' Information:- A E FINANCE PRIVATE LIMITED [Active] CIN = U65999TZ1990PTC002905

Company & Directors' Information:- L R FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65910UP1988PTC009758

Company & Directors' Information:- S B M FINANCE LIMITED [Strike Off] CIN = U65921PB1994PLC014374

Company & Directors' Information:- T A S FINANCE PVT LTD [Strike Off] CIN = U65191TN1990PTC018654

Company & Directors' Information:- D AND O FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054788

Company & Directors' Information:- H R P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921PB1995PTC015715

Company & Directors' Information:- P T R FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1989PTC016795

Company & Directors' Information:- B & S FINANCE PVT LTD [Strike Off] CIN = U65191TN1988PTC015491

Company & Directors' Information:- H S B FINANCE PVT LTD [Strike Off] CIN = U67120RJ1996PTC012119

Company & Directors' Information:- M. J. S. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1971PTC003049

Company & Directors' Information:- A R FINANCE PVT LTD [Strike Off] CIN = U65921PB1989PTC009778

Company & Directors' Information:- K G FINANCE LIMITED [Strike Off] CIN = U65910TZ1982PLC001219

Company & Directors' Information:- S AND Z FINANCE PRIVATE LIMITED [Strike Off] CIN = U65923PN1997PTC106520

Company & Directors' Information:- H S N FINANCE PVT LTD [Strike Off] CIN = U67120PB1993PTC013900

Company & Directors' Information:- G N FINANCE PVT LTD [Strike Off] CIN = U65990MH1981PTC024294

Company & Directors' Information:- C S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910GJ1987PTC009799

    Revision Petition No. 2194 Of 2015

    Decided On, 23 July 2020

    At, National Consumer Disputes Redressal Commission NCDRC

    By, THE HONOURABLE MR. PREM NARAIN
    By, PRESIDING MEMBER

    For the Petitioner: Pawan Kumar Ray, Advocate. For the Respondents: S.S. Sobti, Advocate alongwith Sunil Barthwal, AR.



Judgment Text


This revision petition has been filed by the petitioner Balwinder Singh against the order dated 04.05.2015 of the State Consumer Disputes Redressal Commission, Punjab (in short ‘the State Commission’) passed in First Appeal No.1138/2013.

2. Brief facts of the case are that in April, 2008, the petitioner was in need of money and believing the assurances of respondents pledged his gold ornaments weighing 209.50 grams i.e. 5 gold bangles weighing 74.50 grams, 3 gold rings weighing 24 grams, 2 gold necklace weighing 64 gram, 1 gold chain with locket weighing 21 grams and 6 gold studs weighing 26 grams to the respondents and got advanced a loan of Rs. 1,66,500/- vide loan no. 0001051 (old no. PPL839). On 10.07.2009, the petitioner visited the office of respondent No.3 to return the loan amount of all accounts with interest due till 10.07.2009 and to receive the gold ornaments pledged with them. But the Manager of Respondent No.3 told the petitioner that the gold ornaments of the petitioner have already been stolen on 17.05.2008 in a dacoity/robbery and a FIR No.39/2008 has been registered with the P.S.Division No.2, Ludhiana in this regard. Traumatized on hearing the same, the petitioner moved an application on 10.07.2009 to respondent No.3 to receive the loan amount and to return the gold ornaments and not to charge interest from the complainant but did not get satisfactory reply from the respondents nor his gold ornament were retuned to him. However, the Respondent got recovered their stolen Gold/Articles on superdari, but they even not disclosed this fact. Eventually the petitioner received a letter dated 26.12.2011 from the respondent for settling the loan. On 18.10.2012, the petitioner left with no option, filed a consumer complaint bearing no.868/2012 before District Forum, Ludhiana with prayer to release the gold ornament of the petitioner after receiving the loan amount after deducting the interest charged from the petitioner and declare the demand of interest illegal after 17.05.2008 i.e. the date when the respondent lost the custody of the gold ornament and directing the respondent to pay Rs.20,000/- as compensation for damage and loss suffered by the petitioner due to deficiency in service and unfair trade practice on the part of the respondent along with interest @18% per annum from the date of demand till realization. Vide order dated 19.08.2013 District Forum allowed the complaint with direction to the respondent to not recover the loan amount and not to charge the interest on the loan amount from the petitioner in proportionate to the value of the gold ornament since 10.07.2009 when the complainant for the first time made efforts to pay the balance loan amount. The respondent was further directed to receive the loan amount and hand over the gold ornament to the petitioner after getting the appropriate order from the competent court. The respondents were further directed to pay compensation and litigation cost to the tune of Rs.5000/-. On 21.10.2013, respondents herein moved an appeal before the State Commission, Punjab challenging the validity and sustainability of the order passed by the District Forum. Vide order dated 04.05.2015, the State Commission partly accepted the appeal and modified the order of the District Forum to the extent that respondent is entitled to charge simple interest as agreed between the parties on the outstanding amount as on 10.07.2009 because upto that date the interest has already been paid. After calculating the entire outstanding amount, the petitioner will pay the amount to the respondent within a period of three months from the dispatch of the order passed by the State Commission and respondent will release the pledged gold ornaments to the petitioner. In case the complainant fails to comply with the order in time, the opposite parties will be entitled to penal interest as per the agreement. The petitioner will not be entitled to compensation and costs.

3. Hence the present revision petition.

4. Heard the learned counsel for the parties and perused the record. Learned counsel for the petitioner stated that the State Commission has allowed interest to be paid by the complainant till the gold ornaments are handed over to the complainant, but the fact is that the complainant was ready to repay the total loan amount along with interest as early as 10.07.2009 and then the complainant was informed by the opposite parties that the gold ornaments were stolen in robbery on 17.05.2008. The complainant gave an application to the respondent no.3 on 10.07.2009 to receive the loan amount and return the gold ornaments. When the orders of the District Forum and the State Commission were passed, the gold ornaments were the case property and therefore, both the fora below directed the opposite parties to hand over the gold ornaments after receiving it from the court. Now it has been informed by the opposite parties that they have received the gold ornaments from the court. The only reason why the present revision petition has been filed is because the State Commission has wrongly ordered the payment of interest to the opposite parties by the complainant from 10.07.2009 till actual receiving of the gold ornaments. When the complainant was ready to return all the loan amounts along with interest and the opposite parties did not receive the same and the gold ornaments were not available with the opposite parties, then there should be no question of paying interest on the amount of loan. As the opposite parties could not return the gold ornaments due to their own problem and not due to any deficiency on the part of the complainant, the order of the State Commission represents the situation as if the complainant has delayed the repayment of the loan amount along with interest which is not correct. It was the duty of the opposite parties to keep the gold ornaments safely and if there was a robbery and the gold ornaments were stolen, no deficiency can be attributed to the complainant. Therefore, complainant is not liable to pay any interest after 10.07.2009 when he was willing to repay the loan along with all the interest.

5. On the other hand, learned counsel for the respondents stated that the delay has happened in the circumstances, which were beyond the control of the respondents. The fact is that the loan amount has not yet been paid and therefore, the respondents are entitled to get the interest on the loan amount. The State Commission has considered this aspect and has ordered accordingly. There is no illegality in the order of the State Commission. In fact the value of gold ornaments has not come down, rather it has increased and the complainant would be getting his gold ornaments in the same very condition in which they were pledged to get the loan. On the other hand, the value of the amount that was given as loan has reduced overtime until the same is compensated by way of providing interest.

6. I have carefully considered the arguments advanced by both the learned counsel for the parties and have examined the record. It may be true that the complainant was willing to repay the total loan amount along with interest on 10.07.2009, but the same was not paid at that time or the same was not accepted by the respondents. It seems unnatural that even after getting the information of the theft of gold ornaments, the complainant would have offered to repay the total loan amount along with interest. The State Commission has observed that when on 10.07.2009 the complainant approached the opposite parties to get the pledged property and the property was not in possession of the respondents/opposite parties, the complainant also did not perform his part of the contract by paying the balance amount. Even if it is assumed that the complainant was willing to pay the total loan amount on 10.07.2009 and was willing to get pledged property back, the fact remains that the money was actually not paid. Therefore, loan amount remained with the complainant which is to be returned now. The Hon’ble Supreme Court in the matter of Alok Shanker Pandey Vs. Union of India &Ors., II (2007) CPJ 3 (SC) has observed as under:-

“9. It may be mentioned that there is misconception about interest. Interest is not a penalty or punishment at all, but it is the normal accretion on capital. For example if A had to pay B a certain amount, say 10 years ago, but he offers that amount to him today, then he has pocketed the interest on the principal amount. Had A paid that amount to B 10 years ago, B would have invested that amount somewhere and earned interest thereon, but instead of that A has kept that amount with himself and earned interest on it for this period. Hence equity demands that A should not only pay back the principal amount but also the interest thereon to B.”

7. On the basis of the above judgment of the Hon’ble Supreme Court, it is clear that if the amount remained with the complainant, he has to pay some interest. Clearly, the interest as per the loan contract cannot be charged by the opposite parties after 10.07.2009 as it was not possible for the opposite parties to have returned the pledged property to the complainant. Order of the State Commission implies that the respondents/opposite parties are entitled to get interest as per the loan agreement. But, I do not find any justification for payment of interest at this rate by the complainant to the opposite parties as the deficiency in service was on the part of the opposi

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te parties. In the facts and circumstances of the case, in my view, the complainant is required to pay interest @5% p.a. which will be reasonable compensation against time. 8. On the basis of the above discussion, the order of the State Commission is modified to the extent that the complainant will pay interest on the loan amount from 10.07.2009 till the time of receiving of the gold ornaments from the opposite parties @5% p.a. only and not as per the loan agreement/contract. The opposite parties shall return all the gold ornaments of the complainant in the same condition in which they were pledged by the complainant. The order be complied within a period of 45 days from the date of receipt of this order otherwise both parties will be eligible to file the execution of this order. The compensation and litigation cost granted by the District Forum will also be payable by the respondents/opposite parties. The order of the State Commission in respect of penal interest to be charged by the opposite parties after three months is set aside.
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