Sh. Bhupinder Sondhi v Abn Amro Bank<\/p>\n
Facts of the case:<\/u><\/p>\n Judgement: <\/u><\/p>\n The court observed that despite the plaintiff\u2019s offering to give a written undertaking expressing his willingness to pay the dishonored monthly instalments and pay regularly the upcoming monthly instalments, the bank had not paid any heed and had sold the car without any prior notification. It was further noticed from the medical records that he was genuinely unable to pay due to his wife and daughter\u2019s illness. The court ordered the pending and future interest to be offered @ 6% p.a. in favor of the plaintiff. Further a compensation of Rs.30,000\/- was awarded towards loss of reputation and mental harassment. The cost of the suit was also awarded in favor of the plaintiff.<\/p>\n Learnings from the case:<\/u><\/p>\n It is very important to read and understand the documents that a person signs as a customer. In case of the agreement of hypothecation a creditor cannot forcibly repossess the hypothecated item though they can enforce the same through court. Repossessing the hypothecated goods against the wishes of the hypothecator is taking control of law and is considered illegal.<\/p>\n","protected":false},"excerpt":{"rendered":" Sh. Bhupinder Sondhi v Abn Amro Bank Facts of the case: The plaintiff, Sh. Bhupinder Sondhi, had approached the defendant bank seeking financial support to buy motorcar Santro in the February of 1999. A loan of Rs.2,54,000\/- was allowed to the plaintiff. The market price of the said car as of 08.02.1999 had been Rs.3,08,504\/- […]<\/p>\n","protected":false},"author":1,"featured_media":164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[9,8,10,5,13,6,4,7,11,12,3],"class_list":["post-153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-baddebt","tag-badloans","tag-creditscore","tag-creditsettlement","tag-debtfree","tag-debtrelief","tag-debtsettlement","tag-loandefault","tag-loanharassment","tag-loanrecovery","tag-loansettlement"],"yoast_head":"\n\n