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Finance company took my bike for non payment of one month due
18-May-2023 (In Banking / Finance Law)
Finance company took my bike for non-payment of one month due. Is there an law that supports to take?
Hello,
Firstly, you can try to contact the bank and request them for some time to pay the loan, and request that they give back your bike. They may do so.
Coming to your question, it also depends on the method in which they took the bike from you. Did the bank give a notice to pay the dues before taking the bike away? Did the bank send goondas to take the bike? If there is any illegality in the procedure adopted, you can challenge that also. The supreme court has also upheld the same in ICICI Bank v. Shanti Devi Sharma & Others and other judgements.
It also depends on the agreement between you and the bank. I will have to look at the document before I can comment further.
Has the bank filed a case against you? If so, it is important to defend that case.
Contact me with full details and I can advice you in a better manner.
Regards
Firstly, you can try to contact the bank and request them for some time to pay the loan, and request that they give back your bike. They may do so.
Coming to your question, it also depends on the method in which they took the bike from you. Did the bank give a notice to pay the dues before taking the bike away? Did the bank send goondas to take the bike? If there is any illegality in the procedure adopted, you can challenge that also. The supreme court has also upheld the same in ICICI Bank v. Shanti Devi Sharma & Others and other judgements.
It also depends on the agreement between you and the bank. I will have to look at the document before I can comment further.
Has the bank filed a case against you? If so, it is important to defend that case.
Contact me with full details and I can advice you in a better manner.
Regards
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