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Hp Termination in RC Transfer but Financier is Closed by RBI


09-Apr-2025 (In Civil Law)
Vehicle sold within same state; ownership transfer and HP termination needed. Financier’s license cancelled by RBI, but company still active per MCA and yet not responded upon request of NOC over email and by post. So can affidavit & indemnity bond be submitted to RTO in against of Financier NOC & Form 35 ? Is there any other provisions under which this situation can be handled. Thanks.
Answers (1)

Answer #1
742 votes
In such cases, when the financier's license is cancelled and they are non-responsive, RTOs in many states allow submission of an affidavit and indemnity bond in lieu of NOC and Form 35, especially when the loan is repaid. You may also attach a copy of the loan closure letter or any proof of full repayment, if available. File a written complaint to the financier via registered post and keep acknowledgment as proof. If the RTO still refuses, you can escalate through a legal notice or file a writ petition under Article 226 in High Court seeking direction to the RTO to process HP termination.
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