Repayment had to be made in 47 equated monthly installments (EMIs) of ₹45,600 each.
According to Singh, the vehicle had some major defects due to which he incurred losses. Consequently, his EMI payment was delayed, and he requested an extension. The bank acceded to his request and accepted part payment on November 23, 2012.
Later, 8 to 10 musclemen intercepted the vehicle at Haidargarh in Barabanki District of Uttar Pradesh on November 25, 2012, and took forcible repossession. Singh approached the bank to try to reclaim his vehicle but did not succeed. He also filed a civil suit seeking an order directing the bank to return the truck to him. Meanwhile, the bank issued a notice on the same day it took forcible repossession of the vehicle and finally sold it in March 2013. Hence, the suit was dismissed by the civil judge as it had become infructuous upon the sale of the vehicle.
This story is from the November 11, 2024 edition of Business Standard.
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This story is from the November 11, 2024 edition of Business Standard.
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