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Author :
Suchitra. S
Posted On 27 April 2012 at 17:49
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Respected experts, what is the procedure for auction of vehicle in case of default in payment of vehicle loan? Whether notice necessary? whether my presence is necessary during auction? Do I need to be informed about date of auction?
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Expert :
adv. rajeev ( rajoo )
Posted On 27 April 2012 at 19:32
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yes it is necessary to issue notice of auction and date of auction.
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Author :
Suchitra. S
Posted On 27 April 2012 at 19:39
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Any case laws on that? What if auction notice is not given?
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Expert :
RAJU O.F.,
Posted On 28 April 2012 at 16:57
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If vehicle loan was defaulted only after giving notice to the borrower, the vehicle could be auctioned by bank/FI. In the notice, if it was mentioned that, unless loan is cleared within 15/30 days the vehicle would be auctioned, then seperate notice may not be required informing the date and particulars of auction.
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Expert :
prabhakar singh
Posted On 29 April 2012 at 10:44
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The hypothecation agreement clauses might have been adequately drafted in this regard.
Check them before posing questions.
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