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Banking rules

(Querist) 08 October 2013 This query is : Resolved 
Hi, I am Hasan from Chennai, I bought a used car from a person, that car was under hypothication by hdfc bank, the car was seized by the bank and sold it to another person, before buying the car I checked the documents form 26,29,30,35 and NOC for finance cancellation. that person told me you can eligible to apply for duplicate Registration certificate with this documents. I phoned the concern branch regarding this issue, they also told the same. But when I approached to the concern RTO they told the original owner or the financier can only apply for the duplicate RC and the financier should not sell the vehicle without making duplicate RC. But they sold over the rule, I would like to know that who is the responsible person for the vehicle's present activity as per record (law)? and shall I file a writ against the bank for not following the rule to sell vehicle and not intimating the concern RTO after selling the vehicle.I need your valuable advice. Thank You.
Nadeem Qureshi (Expert) 08 October 2013
Send a legal notice to bank with your query & demand to fulfill all requirement if the bank is not ready to solve your query then file a case against bank before ombudsmen or RBI
Rajendra K Goyal (Expert) 08 October 2013
You were negligent in purchasing a hypothecated car without clearing the over dues of the Bank. In case any NOC for finance cancellation was given by the Bank stating that its loan has been paid back, if so is the case send legal notice to the Bank.
Raj Kumar Makkad (Expert) 08 October 2013
Well advised by both experts so no more to add.
HASANBASHA (Querist) 09 October 2013
Thanks to Mr. Nadeem, Mr. Rajendra and Mr, Raj Kumar. Thank you very much for our valuable advice.
Regards
K. Hasan
Rajendra K Goyal (Expert) 09 October 2013
you are welcome.


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