Misuse of judgment

moosa (Querist) 25 December 2016 This query is : Resolved
sirs,
Auctioning a chitty was to close the loan availed from the ticket by a circular there is a certain law of closing the loan account within 30 days with prize money the opposite party by a legal reply inform loan closed
There was a second loan from a non prized ticket balance in prize was sufficient to close the loan account Op didn't but adjusted the amount towards the future liabilities where there were no installment dues the matter was disputed Op submitted a false affidavit (C D R F)my complaint dismissed up to national level OK,forget
There were no direction of collecting payment from me in the order on dismissal Op collected the loan amount with interest it was a closed account as per their legal reply is it the right way ,misuse? can i proceed? where?
please reply
Moosa

Follow Query

Report Abuse

Guest (Expert) 25 December 2016
Language of judgment is a must to be gone through before any opinion is expressed.

So, please post the extract of the judgment.

moosa (Querist) 25 December 2016
Thank you sir i have sent copy of the legal reply and order the legal reply was submitted as an Ext but nothing mentioned in the order

Rajendra K Goyal (Expert) 25 December 2016
Full case file and orders need to be referred, discuss with your lawyer.

moosa (Querist) 25 December 2016
sir
my doubt is can they continue charging interest for a closed loan(as per their legal reply) ?
the chitty was auctioned from a government owned FC there is a circular from the Govt that for loan(availed from a ticket) the maximum interest is to be charged only up to the 30th day from the bid can they violate the rule?

Rajendra K Goyal (Expert) 25 December 2016
Your facts are not cleared.

How the loan was closed and why the interest is charged when you have paid off the loan?

It is better redraft the query.

If the loan was closed by write off the lender is authorized to recover it with interest, by set off from other credit balance also.

moosa (Querist) 25 December 2016
sir
1) loan Rs 250000 & Rs 50000 total Rs 300000 against a property security worth Rs 300000

2)Bid amount was Rs 375000 loan from the prized ticket(250000) with interest Rs 315000 closed (as per LEGAL reply) balance in prize 60000

3) Future liability of prized ticket Rs 310000 + loan 50000 = total liability Rs 360000, balance in price 60000 + same security 3000000 = sufficient security for liabilities

4)Op adjusted the balance 60000 to future installment liabilities from 39 to 50 out of 100 x Rs 5000, as adjusted installments future liability will be installments from 51 to 100 x Rs 5000 = Rs 250000 + loan Rs 50000 = total Rs 300000 for which also offered security was sufficient

5)balance was to be adjusted for closing loan of Rs 50000 instead they transfered was was my complaint

5) Op fabricated a deficiency(as above 3) of Rs 60000 didn't tell about balance in prize complaint was dismissed OK

As the matter was in dispute i didn't pay installments from 39th to 100 total Rs 310000,this was the actual payment i have to make as installments without interest or as per legal reply i have to pay installments from 51 to 100 x Rs 5000 = Rs 250000 and a loan of Rs 50000

on dismissal of the complaint Op transferred the entire money to future liabilities and collected both loan with interest
Op didn't pay any interest for the prize amount there was a balance Rs 56000 in prize which returned to me without interest

i hope it is clear

Ms.Usha Kapoor (Expert) 26 December 2016
Agree with experts.

Misuse of judgment

Similar Resolved Queries :