K.R.UDAYABHANU, PRESIDENT - (1.)THE appellant is the opposite party in. CC. 111/09 in the file of CDRF, Idukki. The appellant is under orders to return the pledged ornaments on receiving the loan amount with 17% interest - The appellants are also under orders to pay Rs 1500/ - as costs.
(2.)THE matter relates to the gold loan availed by the complainant for a sum of Rs.78,000/ - by pledging 98.600 grams of gold. The rate of interest mentioned in the token was 17% per annum. When he approached the opposite party to close the loan the amount claimed was very high. Subsequently the notice was received on 9 -5 -2009 informing that the ornaments will be sold in auction on 6 -6 -2009. When approached the opposite party was not willing to show the statement of accounts. The complainant is ready to remit the amount of interest as per the argument.
(3.)IN the version filed by the opposite parties it is contended that the rate of interest mentioned was only for 3 months it is denied that the complainant sought for the statement of accounts. It is contended that the complainant is bound to pay interest as well as penal interest.
The evidence adduced consisted of the testimony of PW1 and Exts P1 and P2.