• Car seizure by banks

I purchased a car from a company. The company has not paid the bank as the car was hypothicated to bank.I was assured of transfer by paying up the bank. I have been following up for 2 years and am informed today the car will be seized by the banks. I have all documentation evidence. what is the process I should follow.
Asked in Criminal Law from Navi Mumbai, Maharashtra
You should never have purchased the car if you knew at the outset that it was under hypothecation. Since the car was hypothecated it could not have been freely sold by the company (debtor) without the consent of creditor. So the bank has a charge on the car till debt is not fully paid.
Ashish Davessar
Advocate, Jaipur
19896 Answers
520 Consultations

5.0 on 5.0

Hello,

You have the following options:-

1. Give a legal notice to the company stating that the company had cheated you by giving a car which was hypothecated to the bank.
2. File a criminal complaint or FIR against the company under section 420 IPC STATING THAT THE COMPANY HAD CHEATED YOU.

The above might help you in getting your money back, but as far as the bank is concerned there is not much which can be done for stopping the possession of the car.

Thanks,
Nishant
Nishant Bora
Advocate, Jodhpur
111 Answers
32 Consultations

5.0 on 5.0

it is your mistake for having purchased a car that is under hypothecation. however, you can initiate action against teh company for having not paid the amount.
Ananth Kumar
Advocate, Bangalore
122 Answers
58 Consultations

4.5 on 5.0

u can open & seek remedies against company. but bank take action against car
Avdhesh Chaudhary
Advocate, Greater Noida
565 Answers
20 Consultations

3.9 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

Criminal Lawyers

T Kalaiselvan
Advocate, Vellore
18762 Answers
176 Consultations

5.0 on 5.0

Krishna Kishore Ganguly
Advocate, Kolkata
13959 Answers
309 Consultations

5.0 on 5.0

Ashish Davessar
Advocate, Jaipur
19896 Answers
520 Consultations

5.0 on 5.0

Devajyoti Barman
Advocate, Kolkata
7310 Answers
83 Consultations

4.9 on 5.0

Nadeem Qureshi
Advocate, New Delhi
3997 Answers
159 Consultations

4.9 on 5.0

Shivendra Pratap Singh
Advocate, Lucknow
3303 Answers
51 Consultations

4.9 on 5.0

Rajgopalan Sripathi
Advocate, Hyderabad
996 Answers
73 Consultations

5.0 on 5.0

Ajay N S
Advocate, Ernakulam
2070 Answers
24 Consultations

5.0 on 5.0

Kiran N. Murthy
Advocate, Bangalore
831 Answers
62 Consultations

5.0 on 5.0

Thresiamma G. Mathew
Advocate, Mumbai
1385 Answers
104 Consultations

5.0 on 5.0