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Q. debt

I am govt employee. one of my good friend wanted to buy a car.so I bought him Verna car through my salary account on monthly installment, he paid dues for the first yera..but now he has refused to pay installments. further he has sold that car somebody else, though it is on my name..bank has given me notice to pay dues in 60 days..and he is refusing.i am having no document that support that he bought that car.how can I take money from him..or any document to prove that he bought that car from me and now double-crossed me.
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A. Definitely you would have something to prove that you gave him the money to buy the car. How did you actually give him the money?

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A. A default does not strip you of your rights or make you a criminal. Banks have to follow process and give you time to repay dues before repossessing your assets to realize the arrears. Typically, banks initiate such proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. If the borrower’s account is classified as a non-performing asset (NPA), where repayment is overdue by 90 days, the lender has to first issue a 60-day notice to the defaulter. If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets. However, in order to sell, the bank has to serve another 30-day public notice mentioning details of the sale. During the notice period, you can make your representation to the authorized officer and put forth your objections to the repossession notice. “The officer has to reply within seven days, giving valid reasons if he rejects the representation and objections raised by the borrower. As you have mentioned in your query that you have no document to support that its his car so legally the car is yours. Contact the buyer to whom he sold the car and explain him that its your car. The sale can be done only by owner and that is you. If you are unable to contact the buyer then file a police complaint against your good friend who is very good in double cross.

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Shubham Kumar

Experience: 1 Year(s)

Responded 10 months ago

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A. For all purpose you are the owner and your name will be on all documents like Insurance, Vehicle Tax in RTO records, hypothecation etc., further without clearing loan & NOC from RTO Vehicle cannot be sold or transferred.,.You can obtain duplicate documents and take action with a MV Lawyer from panel of Vidhikarya quickly on all aspects of the issue.

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Ambrose Leo

Experience: 9 Year(s)

Responded 10 months ago

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A. In this matter the car which was purchased after sanction of loan amount then it should be registered in your name in transport authority and also hypothicated to the bank. The name of the bank was also entered in the record of transport authority. There are many options available for you but it is not possible to mention here. You can contact me for further assistance and advice

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Rajeev Srivastava

Experience: 34 Year(s)

Responded 10 months ago

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A. If he has done so yiu cant do nothing except of filing a complaint before police that it was your car and same has been stolen. After that police would lodge an FIR and than get that car in your possession from court

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Mohd Imran

Experience: 4 Year(s)

Responded 10 months ago

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A. Dear Sir,
RTO records must be on your name if so then take permission of the Bank and sell it away and clear the loan. If you share more details I can give you more alternative suggestions.

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A. in such case you need to catch hold of the person who bought the car from your friend. He is the only witness to this case .

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NILANJAN CHATTERJEE

Experience: 5 Year(s)

Responded 10 months ago

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