what will be next procedure when private finance company sol
V.V.RAMDAS
(Querist) 22 May 2010
This query is : Resolved
Der friends,
Let me know the procedure when the Private Finance company seized and auctioned the financed vehilce and given notice to the borrower stating therein that rest of the loan amount has to be paid within 7 days of receipt of the notice failing which an arbitration proceeding will be initiated by a retired High court Judge at Visakhapatnam (A.P) where the company office situates.But borrower ordinarily resides at Bhubaneswar in orissa and all the papers were executed and trasaction was made at Bhubaneswar .Legal Advocate Notice issued against the party and to his gurantor. No immovable property has been given on mortgage.No reply given to the notice .But some Blank cheques with sigantre were given to the company at the time of transaction. In the circumstances what proble legal stemps the comany may take and what would be the legal remedies for the Lonee/borrower.
Raj Kumar Makkad
(Expert) 23 May 2010
it all depends upon the terms of agreement. All steps can be initiated by company given in the agreement if loan amount is not repaid within time and loanee has also defence on the basis of terms. If those are violated then legally available obejcctions can be raised.
