Magma Fincorp Ltd vs State Of Kerala on 27 February, 2015
Mohammed Pullaykkal, has got temporary registration. The vehicle has
been purchased availing loan from the financier. The loanee has
defaulted the repayment of loan amount. Therefore, financier has got
every right to get the possession of the vehicle through the process of
Court. The counsel for the financier relied on 1991(1)KLJ 217
(Divakaran V. Abdul Kalam & Another), 2002(3) KLT Sh.Note 3 (Abdul
Rahim v. State of Kerala) and 2000(3) KLT 529 (Amarchand Chajer v.
Sub Inspector of Police) and the financier is entitled to get the possession
of the vehicle in view of arrears of loan amount availed by the
petitioner in CMP 1356/15/purchaser. The purchaser has not yet
purchased the vehicle. The loan amount is kept in arrears.