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Availed gold loan now they are planning to auction how to get stay
15-Feb-2023 (In Recovery Law)
I have availed a gold loan from Muthoot Finance. I was unable to pay the interest for which I got a legal notice for the auction on 26/01/2016. But due to some reason the date was extended upto 15/02/2016. I had requested to grant me one month extension for the payment of interest as I need some time for the arrangement of the amount. As I am emotionally attached with those gold ornaments I desperately want to pay back the interest but I need some time for the money arrangement. Is there any provision for a stay order for the auction which is going to take place on 16/02/2016 as stated.
Under the Indian contract act, if time is the essence of the contract then no extension will be granted for the payment of interest neither any stay order for the auction will be passed as the company already provided an implied extension of time from 26.01.2016 to 15.02.2016 and as per the conditions in the contract, no other remedy is available other than paying the interest.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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