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Debt recovered without any legal procedure


11-Jul-2024 (In Recovery Law)
I have taken an emi and paid almost 90% of the 2-wheeler loan from a private fincorp group. They have accumulated the penalty during covid and said there is a huge amount pending. Now they have confiscated the vehicle forcibly without any order from court or Debt recovery tribunal. Now they are saying they sold the vehicle even though I have possession of RC book and other papers. Is it possible. Can I file any case for settlement at a negotiable price.
Answers (1)

Answer #1
851 votes
Sir once your account is classified as NPA, the bank or that financial institution will initiate recovery measures and unless and until either you stay the proceedings or clear the liability, they will not stop the procedure. however prior to any confiscation a notice is required and that would only satisfy the principles of natural justice. Further if infact the financiers have sold it, the same should also adhere to procedure established by law. However yours might be a case where they have done so much without complying with statutory requirements.
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