SUBHENDU PATTANAYAK Vs. BULLS BROTHERS COMMODITY PVT LTD

JUDGEMENT

(1.) Instant Appeal u/s 15 of the C.P Act, 1986 has been filed challenging the judgment and order No. 2 dated 17.02.2017 passed by the Ld. District Forum, Kolkata Unit I (North) in Complaint Case No. CC/45/2017 dismissing the complaint at the time of hearing on its admission.

(2.) The fact of the complaint, in brief, was that the Appellant/Complainant, being allured by the Respondent/OP No. 1 Company invested an amount of Rs. 2,00,000/-, through cheque, with the said company for earning good returns by way of deriving interest leading to a bigger principal amount on maturity. Such activity, as alleged, was the means for earning livelihood by the Appellant/Complainant. The Respondent/OP No. 1 communicated to the Appellant/Complainant a welcome letter dated 29.05.2013 after acknowledgment of the cheque informing therein about opening of Account in favour of the Appellant/Complainant. It, however, did not issue any other papers in recognition of such investment by the Appellant/Complainant till 08.05.2014 when, after repeated persuasion, a statement of Accounts could be obtained from the Respondent/OP acknowledging the receipt of the said invested amount.

(3.) The invested amount was renewed by the Appellant/Complainant through his letter dated 21.06.2014 addressed to the Respondent/OP No. 1 Company. Since there was no whisper about the fate of the invested amount thereafter from the Respondent/OP Company, the Appellant/Complainant became apprehensive of his money being misappropriated and made a communication dated 16.03.2015 to the Respondent/OP No. 6 demanding refund of the said investment. The Appellant/Complainant wanted to invoke the arbitration clause himself. The Respondent/OP No. 6 also expressed the similar intention of initiating the arbitration proceedings and asked for certain documents like Bank statement/pass book, certificate of payment etc. from the Appellant/Complainant under its letter dated 20.05.2015. Responding to such demand, the Appellant/Complainant submitted all documents available with him on 25.05.2015.