SUNDARAM FINANCE LIMITED Vs. MOHAMMAD ABDUL WAKEEL

JUDGEMENT

(1.) This revision under Section 397 read with Section 401 of the Code of Criminal Procedure is directed against the order dated 10-4-96 passed by Chief Judicial Magistrate, Seoni in an unregistered case.

(2.) The applicant is a registered Finance Company. Its Head Office is at Madras. It has opened a Branch Office at 103/3, Shashtri Bridge Road, Napier Town, Jabalpur.

(3.) The applicant agreed to Finance the purchase of Mahindra Commander Jeep, under a hire-purchase agreement dated 21-12-94 with the non-applicant No. 1 Mohd. Abdul Wakeel. The jeep aforesaid was purchased in the name of the applicant, at its order as per invoice dated 21-12-94 issued by the dealer on payment of Rs. 2,30,649/-. The non-applicant had given his assent to the purchase of jeep on payment of initial sum of Rs. 60,449/- and the balance out of total sum calculated at that time likely to become due amounted to Rs. 3,02,559/- by the time the last instalment was paid. Thus, balance of Rs. 2,41,910/- was to be paid in twenty monthly instalments starting from 21-12-94 and ending on 21-7-96. It is obvious that applicant had included the interest due on the loan advanced. The agreement dated 21-12-94 described the applicant as the "owner" and non-applicant as "the hirer". It was agreed that during the period between 21-12-94 to 21-7-96 the applicant shall be the owner and status of the non-applicant No. 1 would be that of a hirer only. The vehicle was registered in the name of the non-applicant No. 1 as M.P. 20-H/2592 and he was allowed to retain possession of the vehicle. The non-applicant was given an option to claim title of the jeep in writing, that on or about 21-7-96 after payment of all the instalments and other sum due to the applicant. Thereupon the applicant was required to assign the jeep in favour of the non-applicant.