Court directs ICICI Bank to release confiscated car

March 6th, 2009 - 10:34 pm ICT by IANS  

New Delhi, March 6 (IANS) A city court Friday ordered ICICI Bank to release a man’s car bought with the bank’s loan that it confiscated even though he was paying the monthly instalments regularly.
“Considering the payment made by the defendant (Arun John), Vishu Kumar Sharma, representative of the ICICI Bank who was appointed as receiver and who has repossessed the vehicle, is directed to release the Santro car to Arun John immediately,” said Senior Civil Judge Sandeep Yadav.

The court also summoned a bank official to explain the statement of accounts. It also took note of the alleged misrepresentation of facts by the bank and ordered that its representative who took back the car not be appointed as receiver in future.

However, the court Feb 17 allowed Sharma to repossess the car on behalf of the bank from John, a resident of Badarpur area here, as the bank claimed that John had not paid the equated monthly instalments (EMIs) since November 2008. But John’s version had not been presented to the court at that time.

The court, considering the payments made against the loan amount, ordered that the car be restored to John immediately.

The ICICI Bank filed a recovery petition against John, claiming that Rs.232,000 was outstanding against him and it be allowed to repossess the car to realise the loan.

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