Using recovery agents proves costly for truck financier, SC orders Rs 15 lakh payout

NEW DELHI: Criticising the use of muscle power by financiers to get back hypothecated vehicles, Supreme Court has told one of them to pay Rs 15 lakh to a truck owner who had taken a loan of Rs 10.4 lakh to buy the vehicle.Nearly two years after sanctioning the loan in June 2021, Cholamandalam Investment and Finance stealthily took back the truck over default in payment of EMIs. CCTV footage of a godown in Ayodhya on April 9, 2023, showed four persons breaking the vehicle's steering lock around 1am and driving it away.