Malpractice and unfair trades adopted by non banking finance company
Kvijay12345
(Querist) 21 November 2015
This query is : Resolved
The vehicle was towed away in the middle of the road by the four gundas of the finance company forcibly from borrower`s driver without the prior intimation or notice to the borrower or the local police station.No norms for the recovery & repossession of the hypothecated assets were followed.The borrower had filed the complain in district Consumer forum but the consumer forum turned down the complain on the grounds that the arbitration award was passed and this court doesnot have rights to entertain the complain.The finance company did not inform the borrower about the arbitration award nor sent him any copy of this award although this award was passed in june 2014 and the vehicle was towed away on 26 november 2014. Infact the finance company has kept the borrower in total dark about this arbitration award and has still not sent the copy of the arbitration award to the borrower.The borrower also complained to the local police station as well but no action was taken. so, the borrower has filed a petition under 156(3)in local court which is still pending.The borrower has decided to challenge the order of the district forum in the state commission.Can the borrower still raise his objections against the arbitration award and challenge it on the grounds that he did not have the knowledge nor received any copy of the arbitration award passed against him and no copy of this arbitration award was sent to him by the finance company? The borrower has also complained about the malpractices and unfair trades adopted by the finance company to the Governor and requested him to terminate the license of the finance company.what are the additional legal remedies available to the borrower against the finance company?
P. Venu
(Expert) 21 November 2015
You may file a writ petition or file a petition before the Adalat functioning in the local court. The company cannot take Law in its hands.
Rajendra K Goyal
(Expert) 21 November 2015
Appeal to state commission does not have much merits.
case u/s 156(3) is pending and wait for the outcome.
Discuss with your lawyer regarding possibility to file case for setting aside of the award.
Kumar Doab
(Expert) 21 November 2015
Agreed with experts.
R.K Nanda
(Expert) 22 November 2015
nothing to add more.
K.S.Srinivas
(Expert) 23 November 2015
Agreed with Sri P.Venu.
Advocate. Arunagiri
(Expert) 23 November 2015
1. File a petition before the RBI.
2. File a petition in the civil court for setting aside the exparte arbitration award and for repossession of the vehicle.
T. Kalaiselvan, Advocate
(Expert) 26 November 2015
You have t prefer an appeal against the arbitration award before the district and sessions court on the grounds stated by you.
It is illegal and unlawful for the company to seize the vhicle abruptly from the driver on road, the procedure to be followed is to to file an EP before the district cour for execution of the arbitral award.
Follow up the private criminal complaint too properly.
