Claim statement filed under section 23 of arbitration act
Gaurav Gujrati
(Querist) 27 September 2016
This query is : Resolved
Dear Sir,
On August 2011, I had purchased TAVERA CAR by taking loan from Indusind Bank vide Loan Agreement dated 03-08-2011. (Bank Loan was in my name and my brother name). Thereafter I had paid Rs. 1 lacs to the bank and in 2013 I have sold the said car to one of my friend with conditions to pay the balance loan amount to the bank. (I have not informed the bank that i have sold the said card to my friend).
After selling the said car to my friend, the balance amount of Rs. 1 Lacs was not paid by my friend. And Now the bank has filed claim statement under section 23 of Arbitration Act against me and my brother.
When i discussed the same to my friend he is saying that he will pay to the said amount to the bank and if i want to take his signature on any documents he is ready to sign any documents which i can produce before the court.
I just wanted to know that on which documents i can take his signature which shows that he will pay to the bank.
whether his affidavit will be sufficient by saying that he is ready to pay the amount to the bank ?
Please help
Thanks
Raj Kumar Makkad
(Expert) 28 September 2016
You cannot sale the mortgaged vehicle till you yourself pay the entire loan amount and get NOC from banker so no document can legally be obtained from your friend for the production in the court.
The sole remedy is to force your friend to immediately pay he balance amount with the banker and then you approach the bank and get its rescheduling.
Rajendra K Goyal
(Expert) 28 September 2016
Vehicle cn not be sold without clearing Bank loan.
If you want to clear the loan pay the same to Bank, get the delivery.
Can take post dated cheques / agreement from your friend to secure your money (not recommended as such transaction never matures easily.)
