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T.S.FINANCE AND INVESTMENT CO. LTD. vs Arif

National Consumer Disputes Redressal Commission · Decided on 12 December 2003 · Citation: 2004 1 CPJ 503 : 2004 2 CLT 314

HON’BLE JUDGES
K.D.Shahi , Luxmi Singh J.
RESULT
Appeal disposed of
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Judgment

3 paragraphs · 349 words
1.

THESE are all connected appeals arising out of similar facts. The appeallant, T.S. Finance and Investment Co. Ltd. has got certain deposits. It did not repay the amount. Thereafter the consumers filed the complaints, which were allowed. Against these orders the present appeals have been filed. There was application by the appellant that the matter is pending before the Company Law Board and therefore the case cannot be decided here. The copy of the notice has also been filed wherein it has been specifically published that the claim of the investors have been included in the schedule prepared by the Company Law Board.

2.

SINCE the matter is pending in Company Law Board, it was argued that no complaint before the District Forum shall lie and the matter can be decided only by the Board. The learned Counsel for the appellant referred the ruling reported in I (2001) CPJ 41 (NC), Allianz Capital and Management Services Ltd. v. B.P. Grover and Ors., where it has been held that : "The Company Law Board is now seized of the matter in dispute. It has been stated on behalf of the Company that the petitioner-Company is adhering to the scheme of payment framed by the Company Law Board. SINCE the Company Law Board is seized of the matter, we will not hear the case any futher. The matter is disposed of finally as above. Any grievance about non-payment according to the schedule drawn by the Company Law Board can be raised before the Company Law Board."

In view of the above ruling of the National Commission we will not hear the matter. The judgment and order of the District Forum shall remain into abeyance and the consumers can raise their dispute before the Company Law Board. ORDER This appeal is disposed of accordingly with this direction that instead of approaching the District Forum for execution and realization the complainants should approach the Company Law Board for payment. Copy of the judgment shall be placed in the records of each case. Cost of the appeal shall be easy. Appeal disposed of.