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Financiers Cannot Repossess Vehicles Without Following Due Process, ₹10 Lakh Compensation Ordered: Supreme Court

17 Sep 2026 2 min read

Financiers Cannot Repossess Vehicles Without Following Due Process, ₹10 Lakh Compensation Ordered: Supreme Court

Sharma had obtained a loan from Cholamandalam Investment and Finance Company Limited on 25.03.2019 for a Tata SFC 407 truck bearing registration number UP-16-GT-0449. The sanctioned loan was ₹10,40,080.75, of which ₹9,36,000 was disbursed. A supplementary loan of ₹1,04,080.75 was later extended on 12.06.2021. After repeated defaults, the company sought repayment and repossessed the vehicle. Sharma said that on 09.04.2023, four unidentified persons broke the vehicle's steering lock at about…

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