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Complaint filed by car company to pay compensation on harming car.
18-Dec-2023 (In Banking / Finance Law)
Dear sir/madam I have bought a second hand car (only for certain cars they are giving loans) for 1,50,000 rs with a monthly installment of 6000 rs per month, which I paid for 1 year . Due to some issues with engine which we do not know before buying we could not use the car and I asked my finance company to take the car, but they delayed it for almost a year to take back. Finally, one day they took the car. Now they filed a complaint in Lok Adalat stating I need to pay 2,24,000 rs as compensation. Kindly help me in this regards
Lok Adalat is a dispute resolution forum, and not one to which the lender can complain unilaterally. With all the available records, appear before the Lok Adalat and plead your case strongly. Anyway, your liability shall not be extinguished. However, you may negotiate with the lender before the Lok Adalat for a consensus on the one-time settlement.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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