Ep in the civil court
Kvijay12345
(Querist) 21 November 2015
This query is : Resolved
Is it must for the finance company to get the Execution order from the court to Execute the Arbitration award to repossess the hypothecated assets? Is the borrower summoned to appear and given a chance to defend himself by submitting his say in this Execution proceeding in the court?Relying just on this arbitration award and without approaching the court can the finance company directly repossess the hypothecated vehicle from the middle of the road ?
P. Venu
(Expert) 22 November 2015
What is the opinion of your legal advisor/counsel?
Kvijay12345
(Querist) 30 November 2015
The finance company has repossessed the vehicle merely relying on arbitration award.The consumer court has dismissed the case on the basis that it does not have any rights to deal and interfere with the arbitration award.Is it necessary for a finance company to issue a notice to the borrower and send him the copy of arbitration award and follow EP to enforce this arbitration award before repossessing a vehicle? No copy of this arbitration award & no any notice was sent to the borrower before repossessing the vehicle.Also no EP was followed to enforce this arbitration award before repossessing the vehicle. One year has passed in consumer court but still No copy of this arbitration award is given to the customer. what is the time limit available to challenge this arbitration award? What are the other legal remedies available to the borrower?
T. Kalaiselvan, Advocate
(Expert) 30 November 2015
