Legal Question in Banking Law in India
Sir can a finance company repo a vehicle with out any notice or intimation to owner ?
Is court permission is require for repo a vehicle
Asked on 3/31/15, 12:41 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
31.03.2015
Dear Sir / Madam,
Yes, a finance company can repossess a vehicle without any notice or intimation to the Owner, the logic being this repossession clause is normally mentioned in the terms and conditions of the vehicle loan agreement which is duly read, accepted and signed by the borrower, the usual cause of repossession being on account of the borrower's persistent default in the payment and settlement of EMI's, resulting in accumulated overdue loan outstanding.
No, Court permission is not required for repossession of the vehicle by the Bank in the above cause and clause.
Regards,
Answered on 3/31/15, 10:43 am
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