NANDAKUMAR Vs. K V JAYANAND

JUDGEMENT

(1.) APPELLANTS are the opposite parties in OP 325/02 in the file of CDRF, Kannur. The appellants are under orders to pay the market price of the gold pledged as on 2002 after deducting Rs. 60,500 + interest at the rate of 12% from the date of pledge till 2.9.2002 along with compensation of Rs. 50,000 and cost of Rs.2,000.

(2.) IT is the case of the complainant that he pledged 2 items of gold having the weight of 171.90 gms and 81.90 gms and availed loan of Rs. 31,500 and 29,000 respectively. When he went to take back the ornaments on 2.9.2002 he was told that the 'articles were sold in auction. The selling of the ornaments without notice amounted to deficiency of service. Hence the complaint, seeking compensation and return of gold ornaments.

(3.) IN the version filed, the opposite parties /appellants have admitted the pledging alleged. It is the contention that the gold ornaments were not taken back within the period fixed. According to the opposite parties even after receiving the lawyer notice they tried their best persuading to take back the gold ornaments and clear the loans. It is stated that they are ready to give the gold of the same sovereign provided the complainant is prepared to clear the loan amount with interest and other dues.