Ep
R.KARTHICKEYAN
(Querist) 09 February 2016
This query is : Resolved
i bought a tharas lorry in 2013 for rs 10 lacks with finance of rs 8 lacks in refinance. the monthly due was rs 27000. i pay only one due. within three month the lorry ceased by the finance company form me. the lorry also sold by finance company to other person. now the finance company with the arbitration award filed execution petition against me. the ep amount is rs 6 lacks fifty thousand. in lock adalath the finance company said to pay me rs 3 lacks 75 thousand. i had no earning by said lorry also
i have no many. what can i do for that? please
P. Venu
(Expert) 10 February 2016
Was the matter settled in the adalath?
R.KARTHICKEYAN
(Querist) 10 February 2016
no the matter was not settled in adalath.
Dr J C Vashista
(Expert) 11 February 2016
1. Lok Adalat order/judgment cannot be appealled.
2. The truck was financed for Rs. 8 lakh, repossessed within few months on default of payment of EMI, how come the amount was settled for rs. 6.75 lakh???
3. Did you file any suit for repossession of the vehicle? If so, what was the order?
Rajendra K Goyal
(Expert) 11 February 2016
The arbitration was not challenged at appropriate time and the finance company has cleverly taken benefit of law and arbitration. Negligible chances of safety / escape. Consult local lawyer.