Bank loan to purchase a truck for commecial use
Om Prakash Dhusia
(Querist) 31 January 2013
This query is : Resolved
My friend after paying down payments had purchased a truck. Meanwhile he wanted the body of the truck to be re-constructed but due to some problem he could not pay the installments of the loan due to some monetary problem and that truck could not come on the road. The truck was not transferred to his name. The truck was handed over to the bank from the workshop itself and bank issued the NOC to my friend that they have no claim against my friend. But how about the down payment which bank had retained with them? Is he entitled to that amount or it would be forfeited by the bank? If so under what grounds? My friend has no other means to livelihood now and he is on the road. Kindly help with some recourse
ajay sethi
(Expert) 31 January 2013
if bank has issued no dues certifcate then bank wont have any claim against your friend .
Sudhir Kumar, Advocate
(Expert) 01 February 2013
First fo all man with no means or livelihood is least likely to take up such venture, if he does he does at his peril.
Let him file civil suit against the bank.
Om Prakash Dhusia
(Querist) 01 February 2013
Mr Sudhir Kumar now he has been left a destitute, sometimes it happens when the stars are not favorable. To Mr Ajay Sethi bank has issued NOC that they have no claim against my friend but I have asked what about his own money which the bank has devoured very easily? Mr Sudhir Kumar could you please guide me to what would be the subject of civil suit?
Regards
V R SHROFF
(Expert) 01 February 2013
Bank will recover the loan, and balance, if any will be refunded to your frd.
H.M.Patnaik
(Expert) 01 February 2013
Mr. Shroff answers it rightly.
Sudhir Kumar, Advocate
(Expert) 02 February 2013
The subject will be recovery of unduly withheld money. It could be civil suit, it could be consumer case and it could be banking ombudsman case.
Om Prakash Dhusia
(Querist) 02 February 2013
I hope Banking ombudsman should be the first choice then Consumer forum and the last would be Civil Case. Thanks to everyone who had contributed his knowledge.
Regards
