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 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 .
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.