MAGMA FINCORP LTD Vs. SUBHANKAR SINGH

JUDGEMENT

(1.) There has been delay of 60 days in preferring the revision petition beyond the prescribed period of limitation, for which an application for condonation of delay has also been filed. Having gone through the reasonings assigned therein, we hereby condone the delay.

(2.) The brief facts germane to the above said revision petition are these. The respondent/complainant, Subhankar Singh entered into a Hire Purchase Agreement with M/s. Magma Fincorp Limited, the petitioner. A loan amount of Rs. 6,39,000/- was sanctioned by the petitioner and disbursed to the respondent for purchasing of commercial vehicle, i.e, Truck, bearing registration No. WB/1735. The said loan amount was to be repaid by the respondent in 47 EMIs for a sum of Rs.19,200/- each, commencing from 10.03.2008 till 10.01.2012.

(3.) It is an undisputed fact that the respondent waddled out of the above said commitments and did not pay off the installments regularly. On 16.06.2009 and 11.07.2009, the petitioner Company sent legal notices to the respondent asking him to adhere to the payment schedule and pay the outstanding amount towards EMIs. In between, on 27.07.2009, the respondent paid installment of one month only, along with penalty and interest. Since the previous notices were not complied with fully, therefore, the petitioner company took the possession of the commercial vehicle, in accordance with the terms of the Agreement, on 18.08.2009.