ADDITIONAL BENCH BEFORE THE TELANGANA STATE CONSUMER DISPUTES REDRESSAL COMMISSION: HYDERABAD C.C.No.01 OF 2023 Between:

M/s. Hyderabad Ready Mix Applications Pvt. Ltd., Office at Sy. No.326/A, Vattinagulapally Village, Gandipet Mandal, Hyderabad, Rangareddy District – 500075, Telangana State, Rep. by its Director Jonnalagadda Venkat Reddy, (Ph.No.998999277 &

Email ID: vjonala@yahoo.com).

….. Complainant And

1. M/s. SREI Equipment Finance Ltd., Corporate Office, Srei Infrastructure Finance Ltd., Vishwakarma 86C, Topsia Road (South), Kolkata, West Bengal – 700046, Rep. by its Chairman Mr. Hemant Kanoria, Email ID: secretarial.sefl@srei.com. 2. Mr. Hemant Kanoria, Chairman, Srei Infrastructure Finance Ltd., Vishwakarma 86C, Topsia Road (South), Kolkata, West Bengal – 700046, Email ID: secretarial.sefl@srei.com.

3. The Customer Relationship Manager, M/s. SREI Equipment Finance Ltd., 2nd Floor, Stamford Park, D.NO.8-2-269/4/B, Road No.2, Banjara Hills, Hyderabad – 500034, Telangana, Email ID: secretarial.sefl@srei.com.

…..Opposite Parties Counsel for the Complainant : M/s.K.L.N.Reddy Counsel for the Opposite Parties : Set exparte QUORUM: HON’BLE SRI K.RANGA RAO - PRESIDING OFFICER-

MEMBER - (JUDICIAL).

&

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

WEDNESDAY, THE TWENTY FIRST DAY OF JANUARY, TWO THOUSAND TWENTY SIX **********

ORDER: (PER HON’BLE SMT.R.S. RAJESHREE, MEMBER-NJ)

1. This is a complaint filed by the Complainants U/s. 47 of

Consumer Protection Act, 2019, on 14.11.2022 praying this

Commission as follows:

(i) To direct the Opposite Parties to refund excess amount collected by the Opposite Parties as on October, 2022 the amount of Rs.3,78,410/- and to pay the loss incurred to the Complainant for Rs.8,90,000/- & Rs.10,00,000/- by the Opposite Parties by seizing the vehicles, thus by total of Rs.22,68,410/- together with interest @24% p.a., from the date of loan agreement.

(ii) To direct the Opposite Parties not collect the excess period EMIs in future and to waive of the future payments and to settle &

close the loan accounts and to issue NOC to the Complainant.

(iii)To direct to pay a sum of Rs.20,00,000/- towards compensation for the mental agony, inconvenience, hardship etc., sustained by the Complainant and to pass such other order or orders as this Commission may deem fit and proper in the circumstances of the case and in the interest of justice and equity.

2. Brief facts of the case: The case of the Complainant is that it is a supplier of ready mix concrete having its office at Sy. No.326/A, Vattinagulappalli Village, Gandipet Mandal, Hyderabad, Rangareddy District, under the name and style M/s. Hyderabad Ready Mix Applications Private Limited being represented by its Additional Director, Jonnalagadda Venkat Reddy. The Opposite Party No.1 is a finance company represented by its Chairman i.e., Opposite Party No.2 and Opposite Party No.3 is the Customer Relationship Manager of Opposite Party No.1.

3. That in order to run Complainant’s business smoothly the Complainant had availed equipment finance from the Opposite Parties to the tune of Rs.58,16,335/- on 15.04.2018 vide contract No.155407 for a period of 48 months. Another amount of Rs.19,70,913/- was taken on 15.04.2018 vide contract No.155348 for a period of 48 months. For contract No.155407 the EMI of Rs.1,61,490/- was payable from 15.06.2018 to 15.05.2022. For contract No.155348 the EMI of Rs.54,720/- was payable from 15.06.2018 to 15.05.2022 and the repayment amount schedule is supplied by the Opposite Parties.

4. That the Opposite Parties have sanctioned the loan in the month of April,2018 but however, did not handover any loan agreement and loan allotment letters etc., despite several requests, mails and phone calls; that by way of a mail, the Complainants have sought for moratorium period for both the loan accounts, however, the Opposite Parties had applied moratorium partially only to one loan vide contract No.155348; that despite the moratorium period, the Opposite Parties s