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Can company seize my bike without any notice
8 months ago
I have a bike loan for 36months... Emi : ₹3510, 19 paid 0ut 36. I was paying my emi on correct date but later after 1year when I lost my job I missed few payment but payed it with fine and charges later on... I am running 3months late and my last payment was done on 30/7/2023 that means 18days back.. I am paying back the amount slowly but agent called me and threatened me that if I don't pay 2 emi in cash by tomorrow then he will thrash me and take away my bike.. I cannot pay him overnight... I pay him on 27th of every month but he's forcing me to arrange by tomorrow... How is that possible? He didn't even sent a notice will he seize my bike or what should I do?
A.Dear Client,
In the absence of a Court's Order, a lender or its recovery agents cannot seize or lift the vehicle i.e, the collateral asset outrightly for recovery of the outstanding loan from the borrower. For such an arbitrary and unjustified action need to be brought to the notice of the concerned Bank and its higher authority and the regulatory authority, RBI online on its grievance redressal portal and the Banking Ombudsman concerned either online or offline. A complaint can be made at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing a physical complaint and submitting the same at Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, 160017. You may also serve a legal notice to the Bank on the subject. Reach out to an Advocate for further guidance and steps.
In the absence of a Court's Order, a lender or its recovery agents cannot seize or lift the vehicle i.e, the collateral asset outrightly for recovery of the outstanding loan from the borrower. For such an arbitrary and unjustified action need to be brought to the notice of the concerned Bank and its higher authority and the regulatory authority, RBI online on its grievance redressal portal and the Banking Ombudsman concerned either online or offline. A complaint can be made at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing a physical complaint and submitting the same at Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, 160017. You may also serve a legal notice to the Bank on the subject. Reach out to an Advocate for further guidance and steps.
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A.Dear client,
Following are the legal Remedies available to defaulter in the case of harassment by recovery agents:
Filing a complaint at the police station:
A proper complaint should be filed against the Bank and the recovery office. However, if the police do not file a complaint, the magistrate can be approached.
An injunction suit against the bank and recovery agents:
A civil injunction suit with an ad-interim relief can be filed in the civil court against the bank and recovery organization. It should be possible to guarantee that bank authorities and recovery agents don't visit a person's home to recover the dues.
File an objection with the Reserve Bank of India:
After getting a few public objections against banks and seeing a few cases recorded against the harassing recovery method, the RBI prescribed certain norms for the recovery agents in order to govern the approach towards defaulters. In this manner, if the defaulters feel undermined, they have an option to contact the organization and file a legal complaint.
Defamation suit:
If the debt recovery depends on incorrect data that prompted the deficiency of a person's CIBIL score, they can file a defamation suit against the bank and recovery organization.
Following are the legal Remedies available to defaulter in the case of harassment by recovery agents:
Filing a complaint at the police station:
A proper complaint should be filed against the Bank and the recovery office. However, if the police do not file a complaint, the magistrate can be approached.
An injunction suit against the bank and recovery agents:
A civil injunction suit with an ad-interim relief can be filed in the civil court against the bank and recovery organization. It should be possible to guarantee that bank authorities and recovery agents don't visit a person's home to recover the dues.
File an objection with the Reserve Bank of India:
After getting a few public objections against banks and seeing a few cases recorded against the harassing recovery method, the RBI prescribed certain norms for the recovery agents in order to govern the approach towards defaulters. In this manner, if the defaulters feel undermined, they have an option to contact the organization and file a legal complaint.
Defamation suit:
If the debt recovery depends on incorrect data that prompted the deficiency of a person's CIBIL score, they can file a defamation suit against the bank and recovery organization.
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