Bike seized by finance company

Dear client
When you say that out of 36 EMI, you have already paid 22 EMI, then it means that the substantial amount has been paid for the loan. It might be that you have failed to pay one or 2 EMI, but that will not make the outstanding as 1,30,000. You should ask for the loan account statement and try to reconcile what you have paid and what you’re supposed to pay, and then accordingly negotiate with them.

Dear Client,
A lender/financier cannot take away or seize a vehicle from the owner on the road in the absence of an order from the Court allowing the lender/financier to seize the vehicle, the owner of which fails to repay the loan despite opportunities given to him by the lender. As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. Banks/NBFCs are advised to strictly adhere to the guidelines/code mentioned above during the loan recovery process. In the given situation, filing a complaint against the recovery agents of the Bank at the local Police Station, a copy of the said complaint should be sent to the concerned Bank. Further, a complaint against the loan recovery agents appointed by the Bank can be made to the regulatory authority RBI online at https://cms.rbi.org.in. In a recent judgment, the 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 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 without an order of the competent court of law. So, first ensure whether your vehicle is seized by the financier, Muthoot Capital following a Court's order or not. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter with the financier.