ICICI BANK Vs. NIKKA MAL BABU RAM JEWELLERS

JUDGEMENT

(1.) THIS is an appeal against order of District Consumer Disputes Redressal Forum-I, U. T. , Chandigarh (for short hereinafter to be referred as District Forum) dated 7. 2. 2008 in Complaint Case No. 709 of 2006, Nikka Mal Babu Ram Jewellers v. ICICI Bank and Another.

(2.) BRIEFLY stated the averments made in the complaint are that the Complainant got financed a Mercedes Benz C180 car for a sum of Rs. 14,17,500 on 17. 11. 2005 from the OPs. This amount was to be repaid in 18 equal monthly instalments of Rs. 83,830 each commencing from 7. 12. 2005. As per the agreement, the Complainant paid 7 instalments to the OPs, which included the interest component of Rs. 59,740. The Complainant requested the representative of OPs to foreclose the loan, which was done on 28. 6. 2006. It is stated that at the time of closing the loan, OP No. 1 imposed a penalty of Rs. 49,721 against the Complainant for the foreclosure. The Complainant made repeated request for waiving of the penalty but the same was not done and hence a legal notice dated 1. 9. 2006 was served by the Complainant upon the OPs but the OPs did not bother to settle the matter and hence, this complaint seeking directions to the OPs to settle the matter and to waive of the penalty of Rs. 49,721 and they be also directed to pay a sum of Rs. 5 Lacs to the Complainant to harassment and mental agony suffered by it. Further a sum of Rs. 2,200 has also been sought from the OP as legal expenses.

(3.) THE version of the OPs is that the Complainant was liable to pay foreclosure charges, which had been agreed between the parties. Since he had paid only seven instalments inclusive of interest, an amount of Rs. 9,40,547 was payable by the Complainant to the Bank when its account was closed on 28. 6. 2006 on the receipt of the said amount. It has been clarified that charges of Rs. 49,721 were payable to the Bank as per terms and conditions of the agreement, which provides that in case of loan foreclosing, the loanee was liable to pay a sum equivalent to 5. 61%. The OPs reiterated that it had not violated any term and condition of the agreement and the payment sought was as per the agreement duly signed by the Complainant.