Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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yedhash (n/a)     29 August 2009

SEIZING OF HYPOTHECATED VEHICLE

Sir,



i want to know that whether seizing of a hypothecated product by a finance company in event of default is valid or not if according to the agreement it is permissible. Is there any judgment ovr this question??
 



Learning

 6 Replies


(Guest)
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE MOBILE.09325226691, 09271971251 e.mail.adv.nbsawant@yahoo.co.in e.mail.nandkumarbs@sify.com REGARDING THE SEIZURE OF HYPOTHICATED PRODUCT BY FINANCE CO.KINDLY NOTE THAT. 1.THOUGH THE HYPOTHICATION AGREEMENT PERMITS SEIZURE STILL THE AGGRIEVED PARTY CAN APPROACH THE COURT HAVING AREA JURISDICTION FOR RELIEF. 2.KINDLY NOTE THAT MOST REASONABLE AND ADVISABLE REMEDY IS TO FILE A DIST CONSUMER COMPLAINT WITH CONSUMER COURT IN THE AREA.THE EXPENSES INVOLVED WILL BE MUCH LESS AS COMPARED TO FILING CIVIL SUIT. 3.KINDLY NOTE THAT FOR FILING CIVIL SUIT COURT FEE IS RS.6430/- PER RS.100,000/- AMOUNT OF CLAIM OF SUBJECT MATTER. 4.BUT IN CASE A COMPLAINT IS FILED AT DIST CONSUMER COURT FOR GREVANCE AGAINST SEIZURE OF PRODUCT BY THE FINANCE CO.THEN COST INVOLVED IS MUCH LESS. FOR EVERY RS.100,000/-CLAIM AMOUNT , THE FEES OF RS.100/- ARE TO BE AFFIXED IN THE FORM OFPOSTAL ORDER. 5THE AGGREIVED PARTY CAN SUBMIT HIS COMPLAINT WITH AFFIDAVIT AND MENTION ALL FACTS AND REASONS FOR NON PAYMENT OF INSTALMENTS.THEN COURT HAS AUTHORITY TO RESCHEDULE THE INSTALMENTS AND ALSO TO GIVE SUITABLE RELIEF IN GENUINE CASES.I HAVE PERSONALLY HELPED SEVERAL SUCH PERSONS AND STAYED THE ATTACHMENT AND SALE OF VEHICLES PURCHASED ON INSTALMENTS FROM FINANCE COMPANIES. IN CASE ANY HELP IS REQUIRED KINDLY SEND DETAILS. WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS. THANKING YOU YOURS SINCERELY NANDKUMAR B.SAWANT.,M.COM.LL.B.(MUMBAI), ADVOCATE.

SRIKANT (ADVOCATE)     06 March 2010

SIR, MY CLIENT HAD AVAILED A TWO WHEELER LOAN FROM THE FINANCE CO. WHERE THE VEHICLE IS UNDER HYPOTHICATION. THE COMPANY HAS RECEIVED ALL THE INSTALLMENT EXCEPT THE LAST ONE. FOR THE SAME THE COMPANY IS HOLDING A POST DATED CHEQUE TOWARDS THE EMI BUT HAS PURPOSEFULLY NOT ENCAHASED THE SAME. AND REFUSING TO RECEIVE THE EMI BY  CASH PAYMENT  AS A RESULT PENAL  INTEREST  HAS ACCUMULATED   AND THE DUES PAYABLE BY MY CLIENT HAS INFLATED, WHICH MY CLIENT IS NOT LIABLE TO PAY. PLEASE OPINE.  

Gundlapallis (Advocate)     08 March 2010

A fit case to be taken to consumer forum. Good luck.

girishankar (manager)     20 March 2010

Thank U Sirs

Suryanarayana Tangirala (Advocate)     24 March 2010

ISSUE A LEGAL NOTICE TO THE COMPANY ON BEHALF OFYOUR CLIENT WHAT FOR YOU ARE WAITING?

Selvam Ambalam   10 February 2019

Sir

I am C.Selvam from Coimbatore ,Tamilnadu availed  a car loan For Rs. 3,00,000/, SKODA LAURA,2007 MODEL from Sriram Motor Finance Company for 36 months emi and I paid 15 months emi totally 1,50,000/ and due to financial crieses I could not paid the dues after 15 months and the loan become NPA and Sriram Finance had taken the car back for due payment of 2,75,000/ including all panel interest and other charges and sold out for Rs.2,20,000/  somehow.

Now they asked me to pay 75,000/ as balance amount after deductiing the Rs.2,20,000/ the vechile.

I HAD RAISED THE QUESTIONS before Sriram motor finance company

1. PRE SALE NOTICE?

2.WHAT AND HOW THE  RESRVED PRICE IS FIXED AND IF THE AUCTION SALE  PRICE SHOLD BE NOT LESS THAN THE RESERVED PRICE? AND TO OBJECT THE RESERVE PRICE FIXATION?

3.WHY HAD NOT GIVEN ME THE CHANCE FOR BUYING FOR RESERVED PRICE BEFORE 30 DAYS OF AUCTION SALE?

4. NO AUCTION SALE NOTICE HAD GIVEN ?

5. SKODA LAURA 2007L & K  MODEL IS HAVING MINIMUM PRICE OF RS.3,50,000/ AND HOW THE SRIRAM HAD SOLD FOR SUCH A LESS PRICE?

 

KINDLYHELP TO FILE A SUIT TO RECOVER THE LOSSES AND RBI norms for  NON-COMPLIANCE OFcar seizure

C.Selvam

9080463726


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