Truck Owner Faces Forced Repossession After EMI Delays

Barabanki, Uttar Pradesh - Sher Singh, a local truck owner, encountered a distressing situation when his vehicle was forcibly repossessed by a group of musclemen, following delays in his loan repayment schedule. Singh had secured a loan of Rs 16.55 lakh from a bank to purchase a heavy goods truck, with the agreement to repay the amount in 47 equated monthly instalments (EMIs) of Rs 45,600 each.

Singh reported that shortly after acquiring the truck, it developed significant mechanical issues, leading to substantial financial losses. These unforeseen expenses caused him to miss several EMI payments. In response, he approached the bank for an extension on his repayment schedule. The bank agreed and accepted a part payment on November 23, 2012.

However, just two days later on November 25, 2012, an alarming incident unfolded when a group of 8 to 10 musclemen intercepted Singh's truck at Haidargarh in Barabanki District. Despite the bank's agreement to a temporary adjustment in the payment terms, these individuals proceeded to take forcible repossession of the vehicle.

Singh has since approached authorities to seek justice and the return of his truck, highlighting the undue force used in the repossession process. This incident raises concerns over the practices employed by recovery agents and the safety of borrowers who face financial difficulties.

The local police have been informed, and an investigation into the matter is expected to shed light on the legality of the repossession tactics used and the protection of borrowers' rights.