M. THANIKACHALAM J. - (1.) The unsuccessful complainant is the appellant.
(2.) The complainant borrowed a sum of Rs.8100/- as loan from the opposite party, by pledging his jewels, weighing 28 gms. on 16.6.2001. The opposite party, inspite of repeated request by the complainant, failed to inform the actual rate of interest, resulting non-payment of interest by the complainant. On 21.1.2004, when the complainant approached the opposite party to get particulars, regarding the rate of interest and amount payable by him, he was informed, that his chain was auctioned, for the default committed by the complainant. The opposite party has not informed the complainant about the non-payment of interest, as well failed to inform-notify, the actual date of auction, thereby they have committed deficiency, for which they are not only liable to return the jewel, but also pay a sum of Rs.50000/- as compensation. Hence the complaint.
(3.) The opposite party, admitting the pledging of the loan, and the payment of a sum of Rs.8100/-, would contend interalia, that notices were issued to the complainant, not only informing the non-payment of interest and principle, within the time prescribed, as well the date of auction, that in the auction held on 31.3.2003, one Anandan had bid in the auction for Rs.10,173/-, which was adjusted towards the loan amount, that the complainant has to pay still a sum of Rs.2153/-, for which action is being taken, and that there was no deficiency of any kind on the part of the opposite party, thereby praying for the dismissal of the complaint, denying further averments in the complaint also.;