Forcible repossession by lender is illegal
Business Standard|November 11, 2024
Sher Singh had obtained a loan of ₹16.55 lakh from a bank for purchasing a heavy goods truck.
JEHANGIR B GAI
Forcible repossession by lender is illegal

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.

Bu hikaye Business Standard dergisinin November 11, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Business Standard dergisinin November 11, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

BUSINESS STANDARD DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
False solutions for climate change
Business Standard

False solutions for climate change

As the ghastly impacts of climate change become more visible in our everyday lives, it is hard to shake off the feeling that one must step up and do something constructive.

time-read
3 dak  |
November 23, 2024
Expats to residents, Delhi's air is driving people out
Business Standard

Expats to residents, Delhi's air is driving people out

Embassies have stepped up efforts to deal with the situation; WFH option has residents temporarily relocating to their hometowns

time-read
3 dak  |
November 23, 2024
Making sense of census
Business Standard

Making sense of census

For all marketing professionals working in large companies, the population census of India is a treasure trove of information.

time-read
3 dak  |
November 23, 2024
MONEY CAN BUY YOU STARS
Business Standard

MONEY CAN BUY YOU STARS

What's behind West Asia's multi-billion charm offensive to become a destination for all kinds of sports stars?

time-read
4 dak  |
November 23, 2024
Business Standard

Ensure low tracking error, alignment with risk appetite

Exchange-traded funds (ETFs) witnessed a sharp rise in subscriptions in October, with net investments totalling ₹13,441 crore, compared to ₹381 crore in the previous month, according to data from the Association of Mutual Funds in India (Amfi).

time-read
2 dak  |
November 23, 2024
Strong order book to stand BEL in good stead
Business Standard

Strong order book to stand BEL in good stead

Brokerages mostly positive on the stock

time-read
2 dak  |
November 23, 2024
Strong Q2, growth outlook drive gains for Info Edge
Business Standard

Strong Q2, growth outlook drive gains for Info Edge

The stock of online classified major Info Edge (India) was up over 6 per cent on Friday on expectations of demand improvement for Indian IT companies.

time-read
2 dak  |
November 23, 2024
Business Standard

Regulator nod to Roshni Nadar to acquire majority stake in HCLTech

The Securities and Exchange Board of India (Sebi) on Friday gave nod to Roshni Nadar to acquire majority shareholding from her father Shiv Nadar, founder of HCL Group, in two promoter group companies.

time-read
1 min  |
November 23, 2024
Green energy stocks fail to benefit from selloff in Adani Green
Business Standard

Green energy stocks fail to benefit from selloff in Adani Green

Six of the eight stocks operating in the green energy space declined on Friday, failing to benefit from the rout in Adani Green Energy's decline over the last two sessions.

time-read
1 min  |
November 23, 2024
Business Standard

NTPC Green Energy IPO booked 2.40x on Day 3

The initial public offering (IPO) of NTPC Green Energy Ltd, the renewable energy arm of NTPC, was subscribed 2.40 times on the closing day of the share sale on Friday.

time-read
1 min  |
November 23, 2024