Fin company sends recovery agents at 1 AM to seize
In Uttar Pradesh, a truck owner whose vehicle was stolen by unidentified men during the night in April 2023 has won his case in the Supreme Court. The court ruled that Cholamandalam Investment and Finance Company had breached its loan agreement and Reserve Bank of India rules, leading to the truck's repossession and sale. The truck owner had taken a commercial vehicle loan in March 2019, which he was repaying in 75 monthly installments.
When he fell behind on payments, the company repossessed the truck once and later sold it in August 2023 for Rs 4.5 lakh. The sale happened without any notice, and the company failed to provide a signed possession document. The truck continued to receive traffic challans for a year after the sale, which the court found unacceptable.
The truck owner was awarded Rs 15 lakh in compensation and costs for mental anguish and loss of livelihood.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
