BEFORE THE TELANGANA STATE CONSUMER DISPUTES REDRESSAL COMMISSION: HYDERABAD.

C.C.No.66 OF 2020 Between:

1. Dr. Sushma Mane, W/o. Dr. Madan Mohan Mane, Aged about: 56 years, Occ: Doctor.

2. Dr. Mandan Mohan, S/o. Sri Late. Gangadhar Rao, Aged about: 60 years, Occ: Doctor.

Both are Resident of Plot No.131, 3^rd Floor, 5^th Phase, KPHB Colony, Opp: HIG-5, Kakutpally, Telangana.

… Complainants And

1. M/s. Kotak Mahindra Bank Ltd., Rep. by its Branch Manager, LAP Division, Navbharath Chambers, 2^nd Floor, Raj Bhavan Road, Somajiguda, Hyderabad, Telangana – 500082.

2. M/s. Kotak Mahindra Bank Ltd., Rep. by its Branch Manager, LAP Division, Jewel Pavani, Raj Bhavan Road, Somajiguda, Hyderabad, Telangana – 500082.

3. M/s. Kotak Mahindra Bank Ltd., Rep. by its Managing Director, Regd. Office at 27 BKC, C27, G- Block, bandra Kurla Complex, B andra (E), Mumbai, Maharashtra, India – 400051.

4. M/s. Kotak General Insurance Co. Ltd., Rep. by its Branch Manager, LAP Division, Jewel Pavani, Raj Bhavan Road, Somajiguda, Hyderabad, Telangana – 500082. …Opposite parties Counsel for the Complainants : M/s. KRR Associates Counsel for the Opp. Parties No.1 to 4 : M/s. Pavan Nandan QUORUM: HON’BLE SRI K.RANGA RAO - PRESIDING OFFICER-

MEMBER - (JUDICIAL).

&

HON’BLE SMT.R.S.RAJESHREE, MEMBER (NON JUDICIAL).

FRIDAY, THE SEVENTEENTH DAY OF JANUARY, TWO THOUSAND TWENTY FIVE ORDER: (PER HON’BLE SMT. R.S. RAJESHREE, MEMBER, N-JUDICIAL)

1. This is a complaint filed by the Complainant U/s. 17(1)(a)(i) of Consumer Protection Act,1986 on 03.07.2020 against the Opposite Parties to direct them as follows:-

(i) For the refund of the Pre closure charges of Rs.10,18,772.64/-

collected by the Opposite Parties.

(ii) Loss of Professional Income Rs.10,00,000/-.

(iii) For Refund of interest payment of Rs.68,970/- collected by the Opposite Parties for 6 days interest after the payment of loan.

(v) For Refund of amount of Rs.39,018/- illegally deducted by the Kotak Mahindra General Insurance towards Building fire Safety Policy.

(vi) To award compensation of Rs.5,00,000/- for mental agony and unfair trade practices by the Opposite Parties.

(vii) To award damages and for costs of Rs.1,00,000/-. In filing the complaint together with interest @24% per annum from the date of payment till realization.

(viii) And grant such other relief as the Hon’ble forum deems fit and proper in the circumstances of the case.

2. The brief facts of the case:- The case of the Complainants is that they are Doctors by profession and have a clinic at KPHB which is run by both of them to earn their livelihood. That they intended to purchase a property in the same area and were in search for availing a loan for the same, that is when the Opposite Party No.1 to 3 approached the complainants and offered to sanction loan on condition that the Complainants mortgaged one of their property and further informed that they have a separate branch for loan against property (LAP) at Somajiguda, Hyderabad. Upon which the Complainants made an application for a loan and the first loan was sanctioned on 23.05.2016 for a total sum of Rs.40,00,000/- for which the complainants have deposited the title deeds of property bearing No.24/229 & 229A, Plot No.MIG 229, situated at KPHB Colony, Hyderabad which is a commercial building. The said loan account was numbered as LAP 17629364.

Later the Complainants obtained 3 loans against the property i.e., LPA 17629351 for Rs.1,30,00,000/- (Rupees One crore thirty lakhs only) LPA 17624717 and another loan LPA 17980810 for Rs.50,00,000/-. That the Complainants were regularly repaying the loans as per the terms and conditions. The Complainants availed a fifth and final loan against the property by making an application on 29.10.2019 and sought for a TOP UP DROP LINE OVERDRAFT WITH FIXED AMOUNT MONTHLY PAYMENT LAP/OD 131143838, for a limit of Rs.2,19,50,000/- (Rupees Two crores Nineteen lakhs and fifty thousand only). The said overdraft facility was extended against the already existing mortgaged property. As