• No objection certificate

Hello Sir, I bought one Vehicle in the year 2001 on Finance and paid all the Vehicle amount in 18 installments. After payment of total amount of vehicle i did not receive my No Objection Certificate from the finance Company. Now, When I enquired about that Finance Company I was informed that the said Finance Company is closed.When I contacted the RTA officer for cancellation of Hypothication,he is asking for the No Objection Certificate from the Finance Company.

Please advice me how to solve the problem and how to cancel hypothication from my Vehicle R.C.Thanks.
Asked 3 years ago in Civil Law from Hyderabad, Andhra Pradesh
do you mean to say that finance company has gone in liquidation ? has official liquidator been appointed for the company? .please clarify . if so you can request Official Liquidator  to certify that loan has been repaid 

 without NOC from company RTO wont cancel the hypothecation .
Ajay Sethi
Advocate, Mumbai
26190 Answers
1422 Consultations
5.0 on 5.0
When was the last installment paid? You have mentioned that the vehicle was purchased in 2001 and the loan amount was repaid in 18 installments. Were they monthly installments? If yes, then your right to bring any action against the finance company may now be foreclosed due to the delay. The agreement you signed with the finance company at the time of taking loan is germane to decide whether any legal action can now be brought against the company.
Ashish Davessar
Advocate, Jaipur
19239 Answers
486 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Civil Lawyers

T Kalaiselvan
Advocate, Vellore
16551 Answers
153 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
26190 Answers
1422 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
19239 Answers
486 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
13228 Answers
281 Consultations
5.0 on 5.0
Nadeem Qureshi
Advocate, New Delhi
3731 Answers
140 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2998 Answers
45 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
946 Answers
64 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
1993 Answers
23 Consultations
5.0 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1353 Answers
93 Consultations
5.0 on 5.0
Shashidhar S. Sastry
Advocate, Bangalore
1281 Answers
66 Consultations
5.0 on 5.0