A.P. MUHAMMED Vs. MANAGER, MUTHOOT FINANCE PT. LTD.
LAWS(KERCDRC)-2010-12-9
KERALA STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Decided on December 13,2010

A.P. Muhammed Appellant
VERSUS
Manager, Muthoot Finance Pt. Ltd. Respondents

JUDGEMENT

K.R.UDAYABHANU, J. - (1.) APPELLANT is the complainant in OP No. 25/2006 in the file of CDRF, Malappuram. The complaint stands dismissed.
(2.) IT is the case of the complainant that he is engaged in dry fish sale and that he availed gold loan from the opposite party for a total amount of Rs.1,00,301 at the interest rate of 8 -1/2% per annum. When he tendered amount for redeeming the pledge the opposite party demanded interest at the rate of 27%. It was also advised to approach the regional manager if interest is to be reduced. The prayer is to permit repayment with interest at 8 -1/2% and direction to redeliver the gold ornaments and to pay compensation of 50,000.
(3.) IT is the case of the opposite party that the total loan availed is Rs. 2,01,800 with condition that if not remitted within three months penal interest will be charged. The details of various loans are mentioned in the version. It is denied that exorbitant interest has been claimed. Evidence adduced consisted of the proof affidavit of the respective sides and Ex. A1, A2 and B1 to B10.;


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