House property attached to car loan
Prakash
(Querist) 11 July 2012
This query is : Resolved
Ld counsels,
Due to non-furnishing of security for a car loan, the lender auto finance company got an order from HC for attachment of house property. The borrower did not take the delivery of car and was set ex parte.
What should be the steps taken in securing the loan and enforcing the order of attachment. Should the property documents be obtained from registrar and claim the possession of the house. What are the other possibilities, such auction etc.,
Thanks in advance.
adv. rajeev ( rajoo )
(Expert) 11 July 2012
File an execution petition in the court who has got jurisdiction to execute the high court order by producing the property extract of the loanee. The court has got jurisdiction lies where the loanee resides.
ajay sethi
(Expert) 11 July 2012
loan has been taken for purchase of car . how was loan disburesed to borrower without the car delivery having been taken ?
you must have issued notice for repaymnt of car loan . if borrower failed to reply you obtained orders for attachment of his property .
address letter to borrower that his property has been attached on account of fialure to give security for loan . request him not to create third party rights on property as per HC order .
wait for borrower response .
Guest
(Expert) 11 July 2012
Payment of car loan matters for the finance company, not the delivery of car. The information in your question is therefore incomplete or not properly related to the disbursal of loan, how and to whom made with what conditions attached to that?
Prakash
(Querist) 11 July 2012
Borrower cheated the car dealer as well as the lender, a complaint was lodged by the dealer. Borrower took the papers of car registration from dealer and got the cheque issued against a third party to whom borrower owed money. money borrowed is not used for purchasing the car violating the hire purchase agreement. Later dealer also filed complaint for not getting money
Lender moved the high court under arbitration act for security and got the house attached.
Guest
(Expert) 11 July 2012
You have posted the query as well as your supplementary information in totally delinked manner. The pertinent questions arise:
1) How the property papers/relevant information went in to to the hands of the finance company/ arbitrator?
2) What was the observation of the arbitrator/judge on which the attachment of house property was made?
3) How the cheque was issued in the name of third party by the lender?
4) Lastly, as an engineer, in what way you are concerned with the borrower, lender, car dealer or the third party in whose name the cheque for loan was issued?
Prakash
(Querist) 11 July 2012
If you know the answer reply otherwise it is wise to leave for others to reply. It is a simple question what action need to be taken after a court orders attachment of property to a car loan.
If you continue to sit on the judgement of the veracity of the details given it is going to be counter productive. for your information even the court did not ask the question in the Ex parte order how lender came to know about property details of borrower. The court criticised the conduct ofthe borrwoer for not giving security as directed and proceed to pass another order final attaching the property.
The other replies are rather more suggestive and more clarifying coming out of experience.
Guest
(Expert) 11 July 2012
Dear Prakash,
Did I prohibit others to answer your question? It is already left open for others to reply. It is up to all others to reply, whatever they think fit based on your partial information.
Although you cannot bar anyone to reply a query open to one and all, but, you are free to ask me not to reply on any of your supplementary information about the question if you feel any problem with my reply.
The question arises, when the money lender can well afford to take advice from some local expert by hiring his services, why did you prefer for free advice, where any type of advice in favour or against can be expected.
You may presume whatever you like, but only I know what different answers I can give. Relevant answer depends solely upon the relevant basic information and the intentions of the querist.
If you think it is a simple question, answer to a simple question can also be quite simple that you must also be knowing. Moreover, it may be simple according to your interpretation, but the very complexity lies on exparte judgment. Do you feel that the party against whom the lender has taken ex-parte judgment would keep quiet and not challenge the order in any court when the lender has not issued any cheque in favour of the borrower?
Do, you also think that the experts here are sitting just to give reply on guess basis, as if they are indebted to nercessarily reply to the question of any querist, howsoever irrelevant question that may be and without knowing the basic information or background of the case?
About your remarks, "even the court did not ask the question in the Ex parte order how lender came to know about property details of borrower," can you reply, who on behalf of the defendent could ask questions when the case is ex-parte?
Just think, why the judge should have asked the questions on behalf of the defendant to be labled later with allegation of partialism and being a party with the defendant, that too by you only or the lender?
If you think cheating was made by the borrower, I feel there can be cheating of more serious nature on the part of the lender in this case in getting his property attached.
Prakash
(Querist) 08 August 2012
Well Mr. Dhingra, you are so obsessed with your half baked knowledge claiming that you are expert and you can write whatever you want while others cant even put the question in the way they want. You dont deserve any more explanation as you start making bizarre assumptions and questioning the impartiality the court.
This is not the first time you are saying why someone is asking free advise, you are not going to come out of your vanity otherwise why will the intention of the queryist would bother. If you have trouble/reservations giving "free advise" keeping quiet may the right thing.
It is very clear that you are so inexperienced that you dont even know how car loans are sanctioned. Loan transaction happen through loan agreements and cheques being issued based on that. This is very basic thing and if you dont know dont digress on all "supplementary" things to claim that you are expert and throw allegations against all quarters including court.
Experts have insight into a problem situation and not fall short of information. Not to make any comparison my question is already answered.
