BEFORE THE HYDERABAD

F.A.No.638 OF 2009 AGAINST C.C.No.719 OF 2008 DISTRICT FORUM-III,HYDERABAD.

Between:

1.                  Maspack House
       , Tarnaka
       2.                  

A N D

Shri A.Madhusudhan Rao
s/o late A.Hanmanth Rao
H.No.5-4-55 &56
Distillery Road, Ranigunj
Secundeabad-003

                               Counsel for the Appellants:

Counsel for the Respondents:

AND

SRI R.LAKSHMINARASIMHA RAO, HON’BLE MEMBER

.

WEDNESDAY, THE TWELFTH

TWO THOUSAND ELEVAN

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

                                       1.    

2.    `30,000/- and costs of`5,000/-.

3.         `15,805/- drawn in favour of the appellant no.1. The respondent got issued notice dated 12.3.2008 that he would pay the balance outstanding amount to the appellant no.1. 

4.    `34,935/- for purchase of the vehicle on an agreement that the amount was to be payable in EMI of`1,034/- over a period of four years and the appellant was entitled to   `11,070/- i.e.,`5,170/- towards instalments arrears and`6,000/- towards penal charges. `10,328 /- was found to be due payable by the respondent.

5.     

6.     

7.     It is not disputed that the vehicle was insured with M/s Bajaj Allianz Insurance Co., Ltd.,Hyderabad.   The respondent has lodged claim with the Bajaj Allianz General Insurance Company stating that the insured vehicle was caused theft of and along with the claim he had submitted RC, Registration Certificate, delivery receipt, insurance policy and copy of the FIR.

8.    `15,805/- in favour of the appellant no.1.    `15,805/- and he had returned the cheque to the insurance company on coming to know that the appellant no.1  

9.     `34,935/- from the appellant no.1 and it is also not denied by the respondent that in terms of clause 20 of the agreement, the appellant no1 is empowered to take repossession of the vehicle on default committed by the respondent. 

       Clause-20. 

Without prejudice to the company’s other rights, if the Borrower(s) fail to pay any amounts payable under this Agreement within 15 days of demand or of such amount becoming due  

The Company shall be entitled to take repossession of the product, irrespective of whet her the sanctioned loan has ceen recalled, whenever in the opinion of the company there is an apprehension of any money not being paid or the company’s security being jeopardized.

10.     `15,500/-.   

11.     

                                                                                                                                                                                                                                     KMK*