MANAPPURAM FINANCE LTD. Vs. SWAPAN ROY

JUDGEMENT

(1.) This review petition filed under sec. 21(b) of the Consumer Protection Act, 1986 (in short, the 'Act') assails the order of the State Consumer Dispute Redressal Commission, West Bengal (in short, 'State Commission') in First Appeal No. 1195 of 2013 dated 8/10/2013 dismissing the appeal against the order of the District Forum, Barasat, North 24 Parganas (in short, 'District Forum') dtd. 8/10/2013 in Complaint No. 258 of 2013.

(2.) In brief, the facts of the case are that the respondent approached the petitioner who is a company under the Companies Act, 1956 engaged in the business of providing loans against the pledge of gold ornaments at its Sodepur branch office, District North 24 Parganas and obtained a loan of Rs.3,50,980.00 by pledging various gold ornaments weighing 366.8 gms (gross, including stones)/net 308.31 gms on different dates between 3/7/2009 and 10/7/2009. The terms and conditions of the said loan required full repayment on or before 12 months failing which the pledged items would be sold by auction. As no repayment was done by August 2010 registered auction notices were issued on 18/2/2011 and 21/2/2011 which were returned with endorsement 'left'. All but one ornaments pledged were auctioned on 24/5/2011 after a further period of 10 months from the date of expiry of the pledge. The surplus sum of Rs.1,04,021.00 was sent to the respondent which was material undelivered. It is the petitioner's case that they have acted as per the terms and conditions of the scheme under which the loan was provided and have therefore prayed for setting aside of the State Commission's order in so far as it relates to directing them to hand over the pledged gold ornaments against the repayment of the loan amount.

(3.) The order of the District Forum dtd. 8/10/2013 in Complaint No. 258 of 2013 reads as below: