A truck owner in Uttar Pradesh whose vehicle was allegedly taken away in the middle of the night by unidentified men, without any notice from the finance company, has won his case in the top court. It found that Cholamandalam Investment and Finance Company had broken its own loan agreement and Reserve Bank of India rules when it repossessed and sold the truck.
An earlier order of the Allahabad High Court, which had dismissed his plea for approaching the court too late, was set aside. A bench instead ruled in his favour, directing the company to refund the sale amount with interest, close his loan accounts and pay him a total of Rs 15 lakh in compensation and costs.
