INDUSIND BANK LTD Vs. STATE

JUDGEMENT

(1.) The petitioner is challenging the order dated 15th March, 2008 dismissing the application of the petitioner for giving the vehicle on superdari to the petitioner which vehicle had already been released on superdari to the respondent No.2.

(2.) The learned counsel for the petitioner has challenged the order on the ground that a clause in the loan agreement was about re-entry in case of default in payment of installments of the loan.

(3.) The learned Magistrate has considered the precedents relied on by the petitioner and respondent No.2 and has held that there is no reasonable cause for cancellation of superdari in the name of present superdar. The learned counsel for the petitioner is also unable to show any reason for cancellation of superdari in favour of respondent No.2. The only plea is that under the loan agreement the petitioner is entitled for possession of the vehicle on failure of the respondent no.2 to pay the installment of loan amount.