MR. X TOOK LOAN FOR FINANCING OF CAR. LOAN WAS DISBURSED BY NATIONALISED BANK. AND MR. X SUBKITTED MR. X FRADULENTLY SUBMITTED TO THE BANK FORGED BILL/INVOICE AND COPY OF RC WHERE THE BANK HYPOTHECATION CLAUSE WAS MENTIONED BUT IN ACTUAL PAPERS THE BANK HYPOTHECATION CLAUSE WAS NOT THERE/MENTIONED. AFTER SIX MENTIONED MR. X SOLD VEHILCE TO MR. Y AND MR. Y GAVE SALE CONSIDERATION IN CHEQUE. MR. Y IS A BONAFIDE GENUINE BUYER.
AFTER SOME TIME MR. X STOPPED EMI PAYMENTS TO BANK AND BANK CLASSIFIED ACCOUNT AS NPA. ON INSPECTION THE TOTAL FRAUD COMMITTED BY MR. X CAME TO KNOW. THE BANK LODGED FIR AGAINST BORROWER. THE IO CALLED THE MR. Y WITH VEHICLE AND IMPOUNDED.
NEW THE QUESTION ARE AS UNDER:
1. HOW THE VEHICLE CAN BE IMPOUNDED BY IO ALTHOUGH MR. Y IS BONAFIDE BUYER AND NO WHERE HE IS CONNECTED WITH THIS FRAUD AND IN FIR NAME OF MR. Y HAS NOT BEEN MENTIONED.
2. HOW THE VEHICLE CAN BE RELEASED.?
3. IS SUPERDARI PROVISIONS APPLICABLE? IF APPLICABLE WHETHER MR. Y IS REQUIRED TO GIVE SURITY OF SUPERDARI BOND? OR SIMPLY BOND IS TO BE EXECUTED?
4. WHY THE HONEST BUYER SHOULD SUFFER.?
5. ANY OTHER REMEDY:
S KUMAR
