BEFORE A.P STATE CONSUMER DISPUTES REDRESSAL COMMISSION AT HYDERABAD

F.A.No.702

Between:

Shriram Transport Finance Co.,Ltd.,
rep. by its Branch Manager, Off:D.No.19-3-13/K
Near Hero Honda Show Room, Renigunta Road
Tirupati                             A N D       

M.Krishna S/o Venkata Swamy
aged 42 years, R/o D.No.9-57, Tirupati, Chittoor Dist.                                 Respondent/complainant

Counsel for the Appellant             

Counsel for the Respondent          

QUORUM:  

                        SRI THOTA ASHOK KUMAR, HON’BLE MEMBER

 THURSDAY THE FOURTH DAY OF JULY     

Oral Order (As per Sri R.Lakshminarasimha Rao, Hon’ble Member)

***

1.       `4,90,000/- under hypothecation agreement The total loan amount is Rs.7,32,507/- to be payable in 36 monthly instalments @`22,329/- commencing from 6.10.2010. `80,000/- for   

2.     `33,659/- as on 5.6.2011.   `55,438/-. `6,07,730/- and the appellant repossessed the vehicle on 10.12.2011. `4,90,000/- and after adjusting the amount due still the respondent was found liable to pay`1,45,498/-  

3.      

4.           `80,000/- towards the amount due to the respondent and an amount of`10,000/-towards compensation besides a sum of`2,000/- towards costs.

5.            

6.            

7.            

8.            `4,90,000/-from the appellant-company on 31.08.2010.  `2,43,507/-. `20,328/- for the first installment, an amount of`22,035/- each for the 2^ndthth 

9.              `6,07,730/- for which there was no response from the respondent. 

I submit that to minimize the loss, in pursuance of the terms and conditions of the Hypothecation agreement the opposite party obtained fresh RC on 22.3.2012 in its name by submitting the necessary forms and applications to the Transport Authorities, Nellore for the said vehicle.   

10.    He has stated that he paid a sum of`60,000/- to RTO to make the vehicle fit to ply on the road and an amount of`80,000/- for purchase of tyres as also he has stated that he paid an amount of`2 lakhs towards due installments. 

11.      

12.   `4,90,000/-.     

13.        

14.     The Supreme Court held that financier is the owner of the vehicle and the person who takes the loan retains the vehicle as a bailee/trustee and taking repossession of the vehicle for non-payment instalments by the borrower was held to be in exercise of the legal right of the financier. 

15.   `4,90,000/-.  `4,90,000/-.    

                                                                                              కె.ఎం.కె.*