{"id":26677,"date":"2026-09-20T21:11:21","date_gmt":"2026-09-20T21:11:21","guid":{"rendered":"https:\/\/koshalsambada.in\/?p=26677"},"modified":"2026-09-20T21:11:21","modified_gmt":"2026-09-20T21:11:21","slug":"using-recovery-agents-proves-costly-for-truck-financier-sc-orders-rs-15-lakh-payout-india-news","status":"publish","type":"post","link":"https:\/\/koshalsambada.in\/?p=26677","title":{"rendered":"Using recovery agents proves costly for truck financier, SC orders Rs 15 lakh payout | India News"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div data-articlebody=\"1\"><video-embed value=\"false\"\/><\/p>\n<div class=\"ihgno clearfix  \">\n<div class=\"e9jwa\">\n<div class=\"vdo_embedd\">\n<div class=\"GfdvZ\">\n<section class=\"_bIDB  clearfix id-r-component leadmedia undefined undefined  E9tg9 \" style=\"top:0px\">\n<div class=\"_bIDB\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"ypVvZ\">\n<div class=\"WGttI\"><img src=\"https:\/\/static.toiimg.com\/thumb\/msid-134375082,imgsize-120046,width-400,height-225,resizemode-4\/sc-penalises-truck-financier.jpg\" alt=\"Using recovery agents proves costly for truck financier, SC orders Rs 15 lakh payout\" decoding=\"async\" fetchpriority=\"high\"\/><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>NEW DELHI: Criticising the use of muscle power by financiers to get back hypothecated vehicles, <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/supreme-court\" styleobj=\"[object Object]\" class=\"\" commonstate=\"[object Object]\" frmappuse=\"1\" target=\"_blank\" rel=\"noopener\">Supreme Court<\/a> has told one of them to pay Rs 15 lakh to a truck owner who had taken a loan of Rs 10.4 lakh to buy the vehicle.<span class=\"id-r-component br\" data-pos=\"4\"\/>Nearly two years after sanctioning the loan in June 2021, Cholamandalam Investment and Finance stealthily took back the truck over default in payment of EMIs. CCTV footage of a godown in Ayodhya on April 9, 2023, showed four persons breaking the vehicle&#8217;s steering lock around 1am and driving it away. Six months later, Cholamandalam sent a notice saying it had taken back the vehicle and auctioned it for Rs 4.5 lakh, and the balance amount of Rs 1.3 lakh was still to be paid by him.<\/p>\n<div data-type=\"in_view\" class=\"  \">\n<div class=\"LEzX4\">\n<div class=\"PmOGb\">\n<p class=\"PSf84\">Share your thoughts in the comments<\/p>\n<\/div>\n<p><button type=\"button\" class=\"sUTYm \">Insightful<\/button><button type=\"button\" class=\"sUTYm \">Agree<\/button><button type=\"button\" class=\"sUTYm \">Disagree<\/button><button type=\"button\" class=\"sUTYm \">Skeptical<\/button><button type=\"button\" class=\"sUTYm \">Concerning<\/button><button type=\"button\" class=\"sUTYm \">Promising<\/button><button type=\"button\" class=\"sUTYm \">Worth Reading<\/button><button type=\"button\" class=\"sUTYm \">Big Development<\/button><\/p>\n<p><textarea class=\"T9MbS\" rows=\"1\" placeholder=\"Add your Thoughts...\"\/><button type=\"button\" class=\"ZW6JD \" disabled=\"\">Post Comment<\/button><\/p>\n<p class=\"swnca\">Be respectful \u00b7 <a href=\"https:\/\/www.indiatimes.com\/termsandcondition\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"gkv0P\">TOI community guidelines<\/a><\/p>\n<\/div>\n<\/div>\n<p><span class=\"id-r-component br\" data-pos=\"9\"\/>A Supreme Court bench of Justices P S Narasimha and Alok Aradhe said though repossession of a hypothecated vehicle was a valid step to securitise the asset financed, it had to be done legally, with the procedure conforming to RBI&#8217;s guidelines on Fair Practices Code for Lenders issued on May 5, 2003.<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/india\/using-recovery-agents-proves-costly-for-truck-financier\/articleshow\/134375079.cms\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: Criticising the use of muscle power by financiers to get back hypothecated vehicles, Supreme Court has told one of them to pay Rs 15 lakh to a truck owner who had taken a loan of Rs 10.4 lakh to buy the vehicle.Nearly two years after sanctioning the loan in June 2021, Cholamandalam Investment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-26677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-31"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","medium_large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","1536x1536":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","2048x2048":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-small":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-small-tall":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-small-square":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-small-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-medium-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg","blogsy-wide":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/09\/sc-penalises-truck-financier.jpg"},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"NEW DELHI: Criticising the use of muscle power by financiers to get back hypothecated vehicles, Supreme Court has told one of them to pay Rs 15 lakh to a truck owner who had taken a loan of Rs 10.4 lakh to buy the vehicle.Nearly two years after sanctioning the loan in June 2021, Cholamandalam Investment [&hellip;]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 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