A.Dear Client,
A complaint over seizure of financed vehicle against the loan recovery agents appointed by the Bank can be made to regulatory authority RBI at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter. Hon'ble Patna High Court in the case of Dhananjay Seth v. Union of India, 2023 SCC OnLine Pat 1393, decided on 19-5-2023 directed that the Banks/Financial Institutions who were respondents in the present case must henceforth, exercise their power to seize and repossess the vehicle only in accordance with the provisions of the SARFAESI Act that requires issue of mandatory notice before seizure of vehicle and the Rules framed thereunder and the RBI guidelines. The Court further directed the Superintendent of Police of all the districts in the State of Bihar, to ensure that within their jurisdiction no recovery agent of the Bank and Financial Institution might take the law into their hands, intercept the vehicles on way and takes possession of the vehicle in default without an order of the competent court of law. Further, the Court stated that since the action of the Banks/Finance Companies were found illegal, the petitioners in the present case should be entitled for the cost of litigation. Accordingly, the Court directed that each of the respondents, that is, Banks/Financial Institutions would be liable to pay a sum of Rs. 50,000 as cost of litigation to the respective petitioners. Reach out to an Advocate for serving a legal notice to the Bank and necessary steps.
A complaint over seizure of financed vehicle against the loan recovery agents appointed by the Bank can be made to regulatory authority RBI at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter. Hon'ble Patna High Court in the case of Dhananjay Seth v. Union of India, 2023 SCC OnLine Pat 1393, decided on 19-5-2023 directed that the Banks/Financial Institutions who were respondents in the present case must henceforth, exercise their power to seize and repossess the vehicle only in accordance with the provisions of the SARFAESI Act that requires issue of mandatory notice before seizure of vehicle and the Rules framed thereunder and the RBI guidelines. The Court further directed the Superintendent of Police of all the districts in the State of Bihar, to ensure that within their jurisdiction no recovery agent of the Bank and Financial Institution might take the law into their hands, intercept the vehicles on way and takes possession of the vehicle in default without an order of the competent court of law. Further, the Court stated that since the action of the Banks/Finance Companies were found illegal, the petitioners in the present case should be entitled for the cost of litigation. Accordingly, the Court directed that each of the respondents, that is, Banks/Financial Institutions would be liable to pay a sum of Rs. 50,000 as cost of litigation to the respective petitioners. Reach out to an Advocate for serving a legal notice to the Bank and necessary steps.
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