It is illegal to seize the car without paying the installments! Bank is punished by the judge

Bought a car with a loan from the bank? But it is not possible to meet the car loan? The installments are often left behind. As a result, people from the bank come and seize the car? Such incidents happen occasionally. If you say something to the bank about this, the bank blames the person who took the loan. But this work can no longer be done from now on. The Patna High Court has clearly stated this. The bank has no right to impound the car if the loan is not paid. This is what the Patna High Court said.

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Patna High Court Judge Rajeev Ranjan Prasad has warned banks as well as various financial transaction organizations about this. Justice Rajeev Ranjan Prasad said in today’s verdict, the bank can never seize the car if the loan installments are not paid on time. The judge clearly stated that no bank or financial institution has the right to do this through a broker. Why not possible? Judge Rajeev Ranjan Prasad of the High Court also made it clear why the bank does not have this right. According to the judge, if a bank impounds the car of the installment payer because the loan installments are outstanding, it is an interference with fundamental rights. No bank or financial institution conducting financial transactions can thus interfere with the fundamental rights of an individual.

The judgment also directed against those employed by the bank who seized the vehicles by force. The police were directed to lodge an FIR against all those persons. Besides, banks and financial transaction companies are fined Rs 50,000. Besides, emphasis has been asked to ensure the security of the loan to recover the loan amount. The bank has the right to recover this money only through guarantee, said the verdict.

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