Repossession Of Vehicles Financed

The Company adopts due legal process as detailed below for repossession of vehicles financed:

  • Termination of the contract.
  • Recall of the loan for all NPA cases.
  • Invocation of arbitration clause and appointment of arbitrator.
  • Filing statement of claim (S.O.C.) along with details of the agreement, invoice, asset with a prayer seeking interim relief of repossession of the vehicle before the arbitrator.
  • Arbitrator to send the S.O.C. to the respondents and intimate the date of hearing.
  • Seeking permission for interim relief of repossession on the date fixed for hearing.
  • Appointment of Receiver by the Arbitrator to repossess the vehicle.
  • After obtaining the interim order, informing concerned police station having jurisdiction about the repossession order along with the copy of the order.
  • Repossession of the vehicle with repossession order.