PRIMUS CHEMICALS LTD. Vs. IFCI LIMITED

JUDGEMENT

(1.) The present appeal has been filed by the Appellant/complainant, seeking to challenge the order dated 3.9.2016 passed by the Madhya Pradesh State Consumer Disputes Redressal Commission, Bhopal, (in short 'the State Commission') passed in Complaint Case No. 7/2016.

(2.) The brief facts of the case are that the complainant Company approached O.Ps. for a loan of Rs. 400 lakh. The same was sanctioned on 7.7.1994. Accordingly, certain necessary documents pertaining to the complainant Company for mortgage and hypothecation were handed over to the O.Ps. by the complainant. However, O.P. No. 4 disbursed only a portion of the sanctioned loan. In the year 1999, the O.Ps. revoked the sanction granted and demanded the refund of the partly disbursed loan amount. Consequently, DRT proceedings were initiated against the complainant. The complainant filed cases against the O.Ps., for the irregularities in the execution proceedings. During the pendency of the cases, the complainant and the O.Ps. entered into an agreement for settlement of all dues on certain terms and conditions. Accordingly, the complainant settled the dispute with the O.Ps. and payment of settlement amount Was made on the fixed date 31.3.2010 in accordance with the terms and conditions of the settlement. However, despite the full and final receipt of the settlement amount, the O.Ps. failed to return the mortgage and pledge deeds and all documents relating to the complainant Company despite repeated requests from the Complainant. Consequently, the Complainant served a legal notice dated 11.2015 yet the O.Ps. failed to return the relevant documents of the complainant till date.

(3.) Aggrieved by the act of the O.Ps., the complainant approached the State Commission and filed a consumer complaint No. 7/2016. The State Commission vide order dated 9.2016 dismissed the complainant at the admission stage as follows: