Sirs
please provide suggestions:
1.A person A has availed commercial 4 wheeler loan from an NBFC and the said case has been matured ,vehicle seized by the NBFC,sold and arbitration awarded expartie by the arbitration court.
2.Now the arbitration award has been sent to concerned court for Execution and the court has asked the respondent to try for out of court settlement with NBFC seeing adverse health condition of the respondent.
3.One time settlement amount of Rs 1.5 lakh has been mutually agreed to by the NBFC and the respondent.The amount has been deposited by the respondent to NBFC
4.Now the respondent asking for NOC but NBFC declining the same as another loan is outstanding on name of respondent for another vehicle (not filed in any court as of now).
5.The next date of hearing in Execution Petition is 4th November 2022.Can resplendent ask for courts interference for issuance of NOC as one time settlement amount has been paid.
6.Can the NBFC legally stop NOC of settled vehicle make for outstanding loan on another vehicle.
Your kind suggestions shall be highly solicited.
