Did not pay 4 EMI but now paying regularly but now car seized by bank
20-Oct-2023 (In Recovery Law)
I have a car and and dont 4 emi in 2015 and from that i am paying regularly. But last week in rajasthan went to Salasar balaji dham with family and my car was sized by company forcefully. I want to guideline or knowledge is there any law by which i can sue to that company . Bez it was very horrible for us and family to come home from unknown place and faced that incident.
You have not mentioned in your query as to whether the Company has given you any seizure memo to this effect ? If not this is a criminal act on the part of the company and an FIR can be lodged in this regard. However, even if the company has given you receipt to this effect, you can challenge it before the court under appropriate proceedings.
Who is the owner of a hypothecated vehicle?
The term hypothecation means:
After you have taken a loan for a vehicle, you will need to submit a hypothecation form with your loan details to the regional transport officer. The vehicle is still owned by the lender but your name and address will be listed in the RC book. 19-May-2022
What is the law for seizing vehicles in India?
The Motor Vehicles Act of 1939 (Section 129-A) allows a police officer, or anyone else authorised to do so by the State Government, to seize and detain a motor vehicle if they have reason for believing that the vehicle was or is currently being used without the certificate of...
Can a bank seize a vehicle?
Over 10,000 taxis, tourist and transport vehicles were seized by banks in the last three month despite drivers struggling with high fuel prices and low wages due to the work at home trend and a decrease in purchasing power. 11-Apr-2022
Is sarfaesi act applicable to vehicle loan?
SARFAESI Vehicle Financing
SARFAESI, as stated above, requires that the secured creditor has a security interest including hypothecation. The automobile financiers who finance the cars i.e. Moving goods CAN be done the SARFAESI method. 08-Sept-2023
Sir, you have the option of filing a criminal complaint against the persons who forcibly took away your car. In case the police fail to act on your complaint you can approach the courts seeking the registration of an FIR and investigation into the matter
procedure for seizure of hypothecated vehicle
Vehicle seizing Rules India
Vehicle seizing procedure by finance company
Supreme Court judgement on seized vehicles
Vehicle seizure procedure by bank
Vehicle seizure notice by Bank format
Seizure of vehicle under SARFAESI Act
Vehicle seizure notice format
RBI guidelines for vehicle seizure
RBI guidelines for vehicle seizure in Hindi
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Recovery lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."