{"id":215572,"date":"2008-03-24T00:00:00","date_gmt":"2008-03-23T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-sagar-suri-estate-finance-vs-prakash-wadhwa-others-on-24-march-2008"},"modified":"2018-02-20T09:58:07","modified_gmt":"2018-02-20T04:28:07","slug":"ms-sagar-suri-estate-finance-vs-prakash-wadhwa-others-on-24-march-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-sagar-suri-estate-finance-vs-prakash-wadhwa-others-on-24-march-2008","title":{"rendered":"M\/S Sagar Suri Estate & Finance … vs Prakash Wadhwa & Others on 24 March, 2008"},"content":{"rendered":"
National Consumer Disputes Redressal<\/div>\n
M\/S Sagar Suri Estate & Finance … vs Prakash Wadhwa & Others on 24 March, 2008<\/div>\n
  \n \n \n \n \n \n ORDER\n<\/pre>\n
NATIONAL CONSUMER DISPUTES REDRESSAL
\nCOMMISSION<\/p>\n
  \u00a0<\/p>\n
  New Delhi<\/p>\n
 \u00a0<\/p>\n
 Revision Petition No. 2125 of 2007 <\/p>\n
 \u00a0<\/p>\n
(From the order dated  3rd
\n April, 2007 in R.\n<\/p>\n
P. No. 165 of 2005 of the  <\/p>\n
  Delhi  State Consumer Disputes Redressal Commission,   Delhi) <\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
M\/s Sagar Suri Estate & Finance Ltd.  Petitioner <\/p>\n
 \u00a0<\/p>\n
versus <\/p>\n
 \u00a0<\/p>\n
Prakash Wadhwa & Others Respondents <\/p>\n
 \u00a0<\/p>\n
 BEFORE<\/p>\n
 \u00a0<\/p>\n
 HONBLE MR. JUSTICE R. C. JAIN, PRESIDING MEMBER <\/p>\n
 \u00a0<\/p>\n
 HONBLE MR. ANUPAM DASGUPTA, MEMBER <\/p>\n
 \u00a0<\/p>\n
For the Petitioner Ms
\nReena Jain, Advocate <\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
For the Respondents In
\nperson (Mr. Prakash Wadhwa) <\/p>\n
 \u00a0<\/p>\n
  \u00a0<\/p>\n
 Dated   the 24th
\n March, 2008  <\/p>\n
 \u00a0<\/p>\n
 ORDER <\/p>\n
 \u00a0<\/p>\n
 ANUPAM DASGUPTA, MEMBER <\/p>\n
 \u00a0<\/p>\n
 This
\nrevision petition seeks to impugn the order dated 3rd April, 2007 of
\nthe Delhi State Consumer Disputes Redressal Commission, Delhi (hereafter the
\nState Commission) in revision petition no. 165\/2005 against the order dated 25th
\nFebruary, 2005 of the District Consumer Disputes Redressal Forum II, Delhi
\n(hereafter the District Forum) on execution petition no. 1502\/2004.\n<\/p>\n
 \u00a0<\/p>\n
2. The
\nmatter has had a chequered history spanning over 10 years, which we think ought
\nto be recalled in some detail:\n<\/p>\n
(i)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIn
\nresponse to a brochure published by M\/s Sagar Suri Estate and Finance Ltd.
\n(petitioners, a non banking financial company; hereafter referred to as the
\ncompany), the original complainants (respondents here) deposited, under the
\ncompanys cumulative deposit scheme, Rs. 3.97 lakh in 25 certificates (24 of
\nRs. 16,000\/- each and the last of Rs. 13,000\/-), each with maturity period of
\none year, during May  December 1996. The brochure showed that these deposits
\ncarried interest @ 15% per annum with monthly rests, i.e., an average annual
\nyield of 16.07%.\n<\/p>\n
(ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe
\nprincipal amount of none of these deposits was paid back to the complainants on
\ncompletion of one year from the respective dates of deposits. Two deposits,
\neach of Rs. 16,000\/- made on 27.08.1996 and 10.09.1996 respectively, were
\nrefunded on 11.04.1998, i.e., after delays of nearly 7\/8 months. The principal
\namounts of the remaining 23 deposits were not paid back at all. However, post-dated
\nwarrants for interest on maturity were issued on time and received by the
\ncomplainants for 10 deposits (including the two where the principal amounts
\nwere also received, albeit with delay).\n<\/p>\n
(iii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThis
\nled the complainants to file a consumer complaint in June 1998. The company did
\nnot appear before the District Forum despite service of notice by registered
\npost. The Forum, therefore, passed an ex
\nparte order dated 28.12.1999 directing the company to pay to the
\ncomplainants, within 60 days of the date of the order the (a) principal amounts
\nof the remaining 23 deposits, (b) interest at the agreed rate for various
\nperiods in keeping with the details of actual payment by the company of the
\nprincipal amounts and maturity interest on some deposits and (c) cost of Rs.
\n1000\/-. The order also clarified that the complainants would be free to
\ncommence execution proceedings if the company failed to comply within time.\n<\/p>\n
(iv)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe
\ncompany did not comply, which led the complainants to file an execution
\npetition. This time, however, the District Forum dismissed the petition as the
\ncompany claimed that the matter was involved in proceedings before the Company
\nLaw Board. The complainants appeal to the State Commission against this order
\nalso failed on the same ground, driving them to this Commission. The company
\nalso failed to appear before this Commission which, by its order dated
\n02.05.2002, set aside the orders of the State Commission as well as the
\nDistrict Forum and directed the latter to proceed as per law.\n<\/p>\n
(v)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIn
\nthe remanded execution proceedings before the Forum, the learned Counsel of the
\ncompany produced a document dated 05.12.2002 purporting to show that the matter
\nhad been settled between the parties and the complainants had agreed to receive
\nthe sum of Rs. 3.17 lakh in full and final settlement of their claims. The
\ncompany, with a view apparently to persuading the District Forum not to enforce
\nthe personal appearance of its Chairman and Managing Director, produced pay
\norders for Rs. 48,000\/- payable to some of the complainants and assured
\nbi-monthly payment of Rs. 48,000\/-, as terms of the settlement. These terms
\nwere also not adhered to. In sum, it appears that at the end of a tortuous
\nprocess, the complainants received payment of the balance amounts of the
\nprincipal deposits during October 2002  November 2003. In the meantime, the
\ncomplainants disputed that the document of 05.12.2002 was a full and final
\nsettlement, on the basis of the fact that the endorsement of Prakash Wadhwa on
\nthe said document was only to the effect of receiving three pay orders of Rs.
\n16,000\/- each.\n<\/p>\n
(vi)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nOn
\nthe basis of all material and averments before it, the District Forum held in
\nits well-reasoned order dated 25.02.2005 that the document dated 05.12.2002 did
\nnot amount to a settlement at all and directed the company to make payments to
\nthe complainants according to the order passed earlier in the execution
\nproceedings. The State Commission, as noted above, upheld the findings and
\norder of the District Forum by its order dated 03.04.2007.\n<\/p>\n
3. During
\nthe proceedings in this (second) revision petition, as many as six adjournments have had to be granted, all at the request
\nof the learned Counsel for the petitioner company. A cost of Rs. 2000\/- was
\nalso imposed once and paid. The last three adjournments were principally with a
\nview to enabling the learned arguing Counsel for the company to suggest a
\nreasonable settlement with the complainants. The trend, however, was that the
\narguing Counsel would not appear on the date(s) when the issue of settlement was
\nto be considered. Be that as it may. On the last date of hearing, we also asked
\nMs Jain, the petitioners learned Counsel as well as the complainant (Mr.
\nPrakash Wadhwa) to file their respective statements clarifying the actual dates
\nof payment(s) of principal and interest amounts. The complainant did so; Ms
\nJain did not.\n<\/p>\n
 \u00a0<\/p>\n
4. We
\nhave heard both the parties and perused all the material before us, including
\nthe latest statement (dated 29.02.2008) of receipt of payments and calculation
\nof interest submitted by the complainant, Mr. Wadhwa.\n<\/p>\n
 Throughout
\nthese proceedings before us, the companys arguments have been the following:\n<\/p>\n
(i) The document of 05.12.2002 represents a
\nfull and final settlement of all subsisting claims of the complainants, as of
\nthat date.\n<\/p>\n
(ii) The complainant (Prakash Wadhwa
\nrepresenting all others) is well versed in law and has been conducting this
\ncase on his own. He would not have signed the document of 05.12.2002, clearly
\nmentioning full and final settlement for the sum of Rs. 3.17 lakh, had it
\nindeed not been so.\n<\/p>\n
(iii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe
\ncompany is nearly bankrupt and the Chairman and Managing Director a very old
\nperson now.\n<\/p>\n
In other words, the learned Counsel for
\nthe company have had nothing of substance to add during the months that these
\nproceedings have been in progress before us – these months of progress
\nbeing the result mainly of their strenuous efforts to expedite a reasonable
\nsettlement. Incidentally, in response to a specific query of ours on the last
\ndate of hearing, learned Counsel Ms Jain also stated that so far the company
\nhad not been liquidated on grounds of bankruptcy or otherwise, nor were there
\nany ongoing proceedings on that score. Be that as it may, once again! <\/p>\n
 \u00a0<\/p>\n
 On
\nthe other hand, the complainants have all along contended that the document
\ndated 05.12.2002 does not reflect a full and final settlement of their claims
\nfor Rs. 3.17 lakh only; the endorsement of Mr. Wadhwa on the said document is
\nmerely an acknowledgement of receipt of three pay orders amounting in all to
\nRs. 48,000\/- towards payment of the principal amounts of three of the till then
\nunpaid deposits. He also emphasises that there was no reason for the
\ncomplainants to settle for the sum of Rs. 3.17 lakh when they had an order of
\nthe District Forum awarding them on the principal amounts and the interest due
\nand, in any case, the company did not adhere to its own terms placed before the
\nsaid Forum after December 2002. In the statement filed on 29.02.2008, Mr.
\nWadhwa has also given two detailed accounts of the amounts of the principal and
\ninterest, the dates of their payment by the company and the amount(s) still due
\nat the agreed rate of interest. The first
\npart of the statement shows calculation of interest due at the agreed rate on
\nthe principal amounts of the fixed deposits from the respective dates of
\ncommencement to the dates of their actual payment (Rs. 5,60,170) and the second
\nshows the interest due from the date(s) of payment(s) till 31.03.2008 (Rs.
\n5,88,806). The calculations appear to be accurate.\n<\/p>\n
 \u00a0<\/p>\n
5.  Findings <\/p>\n
 \u00a0<\/p>\n
 We
\nnote that the document of 05.12.2002, purporting to be a full and final
\nsettlement for Rs. 3.17 lakh, has been considered at length by both the Fora
\nbelow. Both have rightly held that this document does not reflect what the
\ncompany claims to be a full and final settlement and, therefore, discharge of
\nthe subsisting liability of the petitioner company arising out of the order of
\nthe District Forum under execution. We find no material irregularity or legal
\ninfirmity in this concurrent finding. Moreover, as the foregoing discussion
\namply shows, the conduct of the company all through has been that of a rather
\nunscrupulous litigant adept at misusing the process of adjudication to delay
\ndue discharge of its liabilities – liabilities that it incurred by obtaining
\ndeposits of small sums of money from several ordinary depositors on the promise
\nof attractive rates of interest. A so-called settlement produced by such an
\nentity after several years of delay deserves to be viewed with grave suspicion.\n<\/p>\n
 \u00a0<\/p>\n
 In
\nthe result, we dismiss this petition, which is totally devoid of merit. As
\nstated above, the complainants have detailed the amounts due to them as a
\nresult of the order of the District Forum. This comes to Rs. 11.5 lakh
\napproximately and includes interest on interest. They have, however, added that
\nan award as thought fit may be passed in their favour. The sum mentioned above
\nis very large, though in accordance with the District Forums order.
\nConsidering, that the principal amounts of the deposits and some of the
\nmaturity interest have already been received, the amount needs to be modulated.\n<\/p>\n
 \u00a0<\/p>\n
 We,
\ntherefore, feel it would meet the ends of justice adequately if, in partial
\nmodification of the order of the District Forum, the complainants are awarded a
\nlump sum amount of Rs. 5 lakh. Accordingly, we direct the company to pay to the
\ncomplainants the said amount, within 60 days of the date of this order. We also
\nhope that the company would eschew delaying tactics this time and comply with
\nthis order within the stipulated period.\n<\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
——————————————–J <\/p>\n
[R. C. Jain] <\/p>\n
 Presiding Member<\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
——————————————–\n<\/p>\n
[Anupam Dasgupta] <\/p>\n
Member <\/p>\n","protected":false},"excerpt":{"rendered":"
National Consumer Disputes Redressal M\/S Sagar Suri Estate & Finance … vs Prakash Wadhwa & Others on 24 March, 2008 ORDER NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION \u00a0 New Delhi \u00a0 Revision Petition No. 2125 of 2007 \u00a0 (From the order dated 3rd April, 2007 in R. P. No. 165 of 2005 of the Delhi State […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-215572","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"\nM\/S Sagar Suri Estate & Finance ... vs Prakash Wadhwa & Others on 24 March, 2008 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ms-sagar-suri-estate-finance-vs-prakash-wadhwa-others-on-24-march-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M\/S Sagar Suri Estate & Finance ... vs Prakash Wadhwa & Others on 24 March, 2008 - 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