NITYA NAND Vs. HARYANA FINANCIAL CORPORATION

JUDGEMENT

(1.) The unsuccessful complainant appeals against the order of the District Forum, Narnaul relegating him to his ordinary remedy to the Civil Court because there were complex questions of law and facts arising from the complaint.

(2.) Since we are firmly inclined to confirm the order under appeal, it is unnecessary to delve too deeply into the facts and merits in this judgment of affirmance.

(3.) It suffices to mention that the complainant-appellant had taken a sizeable loan of Rs.3,37,500/- from the Haryana Financial Corporation. It was the case that the rate of interest thereof was 12.5% and subsequently he had repaid a sum of Rs.1,89,008/- in all on different dates. The case set-up was that in the loan docurnent the rate of interest could vary from time to time and that the respondents had the discretion to charge enhanced rate of interest from the appellant. On the 28th of December, 1992 the respondents required the complainant to pay a penal rate of interest at the rate of 16% with a further stipulation that it could be enhanced in future and later a demand to pay interest at the rate of 20% from 25th of March, 1991 was made. It was also the case that the appellant was compelled to deposit Rs.30,000/- by 11th of March, 1993 which had been done under protest. The relief claimed was that the respondents be directed not to charge interest at more than 12% and to pay a compensation of Rs.20,000'- only.