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A loan of rupees 9,55,000 borrowed from nbfc company during 2013 Oct,out of the cost of vehicle rupe


17-Sep-2023 (In Banking / Finance Law)
A loan of rupees 9,55,000 borrowed from nbfc company during 2013 Oct,out of the cost of vehicle rupees 13,34,589. I paid down payment of rupees 3,50,000. I repaid emi's total rupees 675477as on 31_03_2016,and due balennce for rupees 2,79,955.dureing 2017 nbfc company suit field sec 138 Ni act,for rupees 10'67,500 at Mumbai court irrilavent on manpulated basis.wuhile so the company has also field another suit sec 406,420,120b,at Kolkata court for total amount of the vehicle rupees 13,34,589.irrilavent to the actual due amount and also stated stolen the vehicle by the customer we produced nessary payments made as per the company computerized balennce sheet that the two cases are pending now while the matter stood so one another company sent me notice that the purchased the my aggriment rights from the earlier company on March 2019,and heance demanding to pay total sum of rupees 13,34,589.ignoreing the payments made erilier and also the pending casess at Mumbai court and also Kolkata cou
Answers (1)

Answer #1
588 votes
The company has to recover the amount of balance outstanding as on 31.3.2016 plus interest unapplied from that day till date of suit. You say that you have repaid Rs.6.75 lacs till 31.3.2106. Your repaid amount partly includes amount towards principal and partly towards interest amount. Considering the rates of interest charged by company at compound rates and the period of five years the amount demanded by company may be correct. You have to to discuss with the company and honourable court for grant of concession in principal amount as well as in interest amount so that the amount is minimised and pay amount if you agree for it.
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