M. THANIKACHALAM J. - (1.) The unsuccessful opposite parties before the District Forum are the appellants.
(2.) The Respondent herein as complainant, has filed a complaint for the recovery a sum of Rs.42,800/- with interest thereon as well as for direction to pay a compensation of Rs.1 lakh on the grounds with among other grounds, that the opposite parties have failed to return the NSCs worth about Rs.42,200/-, though the entire debt borrowed by him and the Company had been discharged, that despite number of personal enquires as well as complaints, the opposite parties have failed to return the NSCs or the value thereon and in addition, they have also failed to give detailed information about the availability of the NSCs as well as what had happened to the NSCs deposited by him with the Bank and this would amount to clearly deficiency in service, for which, they should be directed to pay the above said amounts.
(3.) The opposite parties the appellants, opposed the complaint, on the grounds with among other grounds, that at the time of borrowing the loan of Rs.30,000/-, he had pledged NSCs, authorizing the Bank, on maturity to encash and apportion the amount towards the loan borrowed by him, that pursuant to the same, the first opposite party encashed the NSCs on 30.03.1994 which realized a sum of Rs.42,200/-, that as on that date a sum of Rs.35,660.50 was due and payable by the complainant towards loan, for which, the first opposite party adjusted the same and the balance amount of Rs.6539.50 was invested in a fixed deposit in the name of the complainant, that when the amount was transferred to the Savings Bank Account of the complainant on 12.12.95, he withdrew the same with interest and this being the position, there was no deficiency of any service or loss occurred to the complainant and that even assuming that the investing the balance in fixed deposit may not be correct, the same was done for the benefit of the complainant, in which, no accusation could be made, and this being the position, no question of deficiency in service warranting the refund of the encashed amount for the NSCs or payment of compensation, thereby praying for the dismissal of the complaint.;