The Ernakulam Consumer Disputes Redressal Commission has asked a prominent non-banking financial company (NBFC) involved in vehicle finance to pay ₹1.2 lakh to a customer on allegations that it had failed to lift the hypothecation on his vehicle despite full repayment of loan.
The commission, comprising president D.B. Binu and members V. Ramachandran and Sreevidhia T.N., issued the verdict on a petition filed by Antony K.V. of Kothad, Ernakulam, against the company.
Of the ₹1.2 lakh, ₹1 lakh has to be paid as compensation to the complainant for the financial loss, emotional distress, and mental agony suffered owing to the deficiency of service and unfair trade practice committed by the company. The remaining 20,000 is towards the cost of the legal proceedings, it said.
