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Default on EMIs, lose your car.
The Calcutta High Court has allowed financiers to seize vehicles if customers do not pay EMIs. The High Court held that repossession of vehicles by financiers cannot be treated as a violation of Right to Property-a fundamental right allowed in the Constitution and the right is lost on committing default. According to the judges, just as no court would assist a 'trespasser' to protect property that he has not paid for, no customer in this case can seek unconditional injunction to protect the right of possession of a vehicle he has not paid for. Particularly when there is nothing wrong with the contract and the financier is not charging a higher interest rate than permitted by law. This means that a customer who has any dispute with a financier can only move court if he pays installments on time.
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