RAMAPRIYA CHIT FUND PRIVATE LIMITED Vs. TRIPURANENI HEMALATHA

JUDGEMENT

(1.) This is an appeal filed by the opposite party chit fund company assailing the order of the District Forum which held the opposite party liable to pay interest for the delay in payment of the refund of the subscription amount obviously after the termination of the chit.

(2.) The facts that led to filing this appeal are briefly as follows:

(3.) The complainant claimed to have joined the chit series in question for Rs.10,00,000/- to be subscribed in 50 months. She claimed to have paid the subscriptions as per the chit agreement. The chit was completed in December, 2002. the opposite party thereupon had to pay the entire amount due under the chit after deducting its commission only. Though the opposite party was supposed to pay the said amount immediately as per chit Fund Act, the amount was not so paid and the payment was withheld. However, the opposite party paid an amount of Rs.2,15,704/- on 10-12-2003, Rs.2,00,000/- on 10-2-2004, Rs.2,00,000/-, Rs.4,00,000/- on 15-5-2004. The complainant claimed interest for these delayed periods. making some allegations against the opposite party saying that they were very harsh in collecting interest at the rate of 36% for some delayed periods of instalments. When the opposite party failed to comply with her demand, she approached the District Forum for the relief of recovery of interest at the rate of 24% only for the delayed payments. Further more she asked for payment of Rs.4,00,000/- and odd as per the calculation sheet of the opposite party. She also sought Rs.50,000/-for loss and expenditure and another Rs.1,00,000/- towards damages besides costs.