In case the vehicle is seized by the financier, no criminal action can be taken against him
In view of the above, the law can be summarised that in an agreement of hire purchase, the purchaser remains merely a trustee/bailee on behalf of the financier/financial institution and ownership remains with the latter. Thus, in case the vehicle is seized by the financier, no criminal action can be taken against him as he is re-possessing the goods owned by him.
Special Leave Petition (Crl.) No. 8907 of 2009
IN THE SUPREME COURT OF INDIA
Decided On: 30.10.2012
Hon'ble Judges: B.S. Chauhan and Fakkir Mohamed Ibrahim Kalifulla , JJ.
Citation;(2013) 1 scc 400
