BAJAJ FINANCE LTD Vs. SOMESH N K

JUDGEMENT

(1.) Petitioner/Opposite party has filed the present revision petition under Section 21(b) of Consumer Protection Act, 1986 (for short, 'Act') against impugned order dated 26.6.2013, passed by Karnataka State Consumer Disputes Redressal Commission, Bangalore (for short 'State Commission').

(2.) Brief facts are that Respondent/Complainant had filed a consumer complaint under Section 12 of the Act before the III Additional Bangalore Urban District Consumer Disputes Redressal Form, Bangalore (for short 'District Forum') stating that he had taken a loan of Rs.24,000/- from the petitioner on 23.9.2008 for purchase of Bajaj Pulsar Bike and had paid one monthly instalment. Thereafter, he could not pay further amount due to his heath problem. It is alleged that on 23.4.2011, people of the petitioner forcibly seized the vehicle. Thereafter, respondent met their officials and was told that he had to pay Rs.68,520/- and they were not ready to give back the bike. It is further stated that respondent is not interested in having that bike and wants to cancel the agreement with the petitioner. Further, respondent had invested Rs.50,000/- in purchase of the vehicle and as such petitioner is liable to pay Rs.52,170/- with interest @ 12% p.a.

(3.) Petitioner in its written statement took the plea that respondent had availed the finance facility of Rs.26,040/- and amount was repayable in 12 monthly instalments of Rs.2,170/-. Respondent paid only one instalment and did not pay the balance amount. Later on, respondent approached the petitioner stating that due to his financial constraints, he is not in a position to clear the balance amount and wanted to surrender the hypothecated vehicle. Accordingly, he surrendered the vehicle on 26.4.2011.