UNION OF INDIA Vs. KASHMIR FINANACE LTD
HIGH COURT OF JAMMU AND KASHMIR
UNION OF INDIA
KASHMIR FINANCE LTD.
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(1.) These appeals are directed against the judgment dated 31st March, 2004 passed by State Consumer (Protection) Commission (for short 'the Commission') and raise common questions of fact and law and are being decided by this common judgment.
(2.) Respondents are all companies. They had purchased Kisan Vikas Patras of different denominations on various dates in 1997. When these Patras matured for payment on due maturity dates, the appellants refused to pay interest amount on the Patras on the ground that some irregularity had been committed by appellants in issuing these Patras and purchase thereof by the respondent companies. All the respondents felt aggrieved on this and filed complaints in the Commission claiming the interest amount on the ground that the appellants had retained their money for as good as six years and at no stage they had been informed about any irregularity in issuance of these Patras and that appellants were estopped from invoking some irregularity now and denying them the interest on the Patras.
(3.) These complaints were contested by appellants primarily on the ground that the respondent companies were not a 'consumer' within the definition of Section 2 (d) (i) of the Consumer (Protection) Act and even if they were treated to be "consumer", they were not entitled to payment of any interest on the Patras which were issued to them after their issuance was discontinued and banned in case of companies like that of respondents from 1st April, 1995 vide Ministry of Finance Notification No. GSR 119(E) dated 8th March, 1995. The contract was not, therefore, binding on the appellants and under rules they were not obliged to pay any interest on these Vikas Patras.;
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