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In case the vehicle is seized by the financier, no criminal

 

In case the vehicle is seized by the financier, no criminal action can be taken against him

 
 In view of the above, the law can be summarised that in an agreement of hire purchase, the purchaser remains merely a trustee/bailee on behalf of the financier/financial institution and ownership remains with the latter. Thus, in case the vehicle is seized by the financier, no criminal action can be taken against him as he is re-possessing the goods owned by him.

IN THE SUPREME COURT OF INDIA
Special Leave Petition (Crl.) No. 8907 of 2009
Decided On: 30.10.2012
Hon'ble Judges: B.S. Chauhan and Fakkir Mohamed Ibrahim Kalifulla, JJ.
Citation;(2013) 1 scc 400


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 1 Replies

Kiran Kumar (Lawyer)     26 January 2013

Yes, its a good judgment by the SC

 

otherwise, the people were taking every sort of action against the Financers with an intention not to pay the installments.

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