Asset Verification request , legal notice

1 year ago

As i have failed to repay 6 emi constantly to the bank. The bank has sent me legal notice which is below titled as (Asset Verification request , legal notice ) i am not understanding what to do in this case so help me to understand what the notice means and what should i do next. I am willing to pay all the dues to the bank but do not want them to seize the vehicle. I had never got any notice before in the past. regarding NPA , demand notice of such.

12 Mar 2023, 01:32 (3 days ago)
to me

REF:-(bank name) /ST/SM/WA/Mar/2023/ 106 LEGAL NOTICE Date: 10/03/2023



TO,

******* ****** *****




Sub : - Your TWO WHEELER LOAN Agreement No.***********. Request for the production of the ******************* bearing Registration No. **************, Engine No: ************* and Chassis no: **************.



Under the instruction of my client *************. , I hereby issuing the following Legal Notice to you; -

1. My client had purchased a *************, bearing Registration No. ***********, Engine No: ********** and chassis No:**************. You had executed a loan agreement and agreed to hypothecate the said secured asset in favor of my client. Further the registration certificate of the asset was endorsed with the certificate of Hypothecation by the registering authority of the said secured asset.

2. My client states that, you have expressly agreed to the terms and conditions stipulated in the agreement. It is pertinent to note here that, the agreement was clear about the purpose of the loan, the period of the loan, repayment of the installments and also the rights of the bank to inspect the above said secured asset from time to time.

3. It is observed that, your repayment schedule is not proper and you had defaulted in the payment of various installments and this had resulted in the levy of penal and other charges as stipulated in the agreement. Further for each and every due arising from your end, my client had sent reminders to oblige yourself to the terms of the agreement failing which my client had warned that legal actions would follow suit to recover all the money due from your end including the seizure and sale of the vehicle as stipulated under the in the terms and conditions of the loan agreement.

4. It is reliably understood by my client that, you are intending to harm the prospects of the bank from recovering the dues, and more importantly it is believed that, you are trying to diminish the value of the said secured asset in the eyes of the public by acting clandestinely and spuriously. Hence my client hereby directs you to immediately produce the **************, bearing registration No:************, Engine No: *************and Chassis No: ************ on before 21/03/2023 between 10 A.M to 5.30 P.M at ************., Address at ****************** as stipulated and agreed by you under the terms and conditions of the loan agreement, failing which you will be liable for committing an offence under section 405 of Indian Penal Code 1860, for Criminal Breach of Trust, with an punishment U/s 406 of Indian Penal Code 1860, which imposes imprisonment of either description for a term which may extend to three years, or with fine, or with both

5. My client further states that, besides the above, if you fail to produce the said hypothecated vehicle on the schedule date and time as stated in para 4 of this notice, without giving any valid reasons in writing by RPAD, the same will amount to Theft, Dishonest misappropriation of property, Mischief and Cheating which are offences punishable under section 378(Theft), section 403 (Dishonest Misappropriation of Property), section 425 (Mischief), section 415 (Cheating) of the Indian Penal Code.

6. From the above facts and circumstances, you are hereby directed to produce the vehicle to my client’s address as stated in Para 4 above, failing which my client will be constrained to take appropriate legal proceedings under the Civil and Criminal law other than the right of my client to recover the money from you.