KAPIL CHITS Vs. OSAWAR VENKANNA

JUDGEMENT

(1.) Opposite party in CC No.80 of 2013 on the file of District Consumer Forum, Adilabad preferred this appeal feeling aggricved by the Orders dated 21.05.2015 directing them to pay a sum of Rs.1,68,772/- to the Complainant with interest @ 7.5% per annum towards claim amount and costs of Rs.2500/-within one month from the date of order.

(2.) For the sake of convenience, the parties are referred to as arrayed in the complaint.

(3.) The case of the Complainant, in brief, is that he is the subscriber of chit bearing No.FECTOlP with ticket No.09 for the face value of Rs.10,00,000/-which commenced on 28.08.2012 for a duration of 50 months with monthly subscnption of Rs.20,000/-. The Complainant has been regular in payment of monthly instalments till 28.01.2013. In the auction held in October 2012, the Complainant was successful bidder and the chit was knocked down in his favour for a sum of Rs.6,00,000/- as he agreed to forego sum of Rs.4,00,000/-. In spite of furnishing requisite sureties and cheques as security, the Opposite parties rejected the same and failed to pay the chit amount.