Dear Friends,

First of all thanks to all of you, who have given their comment to my query to my earlier query on Vehicle on hire, I have got good solutions on it but like to add following thing on it.

I am also aware that there may be lot many who are facing the problem from ICICI bank for EMI payment and the person to whom the city has given the vehicle but now not handing over the same you.

I just attended my first legal meet on same and news is not that good please read carefully.

1) If you stop EMI of vehicle : Then ICICI calls us for "Lok Adalat" ( aplnel of judges & loan recivery people, who ask for settlement) session in nearerest cort and ask for final settlement in front of Judge (MAIN THING IF VEHICLE IS PURCHASED IN YOUR NAME THEN BE READY FOR PAYMENT OF LOAN EVEN IF VEHICLE IS NOT IN YOUR HAND, AS THE HONARABLE JUDGE CLEARLY STATED THAT ICICI HAS NEVER GIVEN VEHICLE TO YOU ON COMMERCIAL PURPOSE), IT WAS PURCHASED BY YOU AND GIVEN TO CITY BY YOU. SO NO ESCAPE FROM EMI PAYMENT.

2) If you stop EMI of vehicle & you are not aware of vehicle where it is lying : Then you are in deep trouble as case may be get filed for bouncing of cheque & vehicle theft, IN THIS CASE ALSO YOU NEED TO FILE CASE IN POLICE FOR VEHICLE MISSING AND START PAYING EMI'S

3) Meanwhile your insurance would have also expired, in this case pray to god that nothing should happen to vehicle.

4) Then only solution given by Mr. Pradeep Singh & Gurudatt Patki of ICICI BANK (Recovery Manager in MUMBAI, I Guess but given good info) is start paying EMI's at least you will be safe from one case of cheque bouncing & give surrender letter of vehicle (so you will be safe from vehickle theft case ) by keeping one EMI always in default (i.e say, pay March EMI in April & April EMI in May & so on) cause if you pay full EMI then they can't Drag the vehicle from where it is lying.

5) Also like to inform you that the these people also told that the vehicle can be dragged from highway or form the location where it is lying . i.e once we give the surrender letter then these people take help of Police and open's a case of vehicle missing so whenever and wherever the vehicle is found these people drag the same to nearsrest police station which they will clear later on and calls us to collect the same with full balance EMI payment. (Only thing is is time ,cause no one knows when vehicle will be traced)

6) BUT BOTTOM LINE YOU HAVE TO PAY EMI ON TIME, OR WILL BE IN GREAT TROUBLE FROM ALL END.

7) IF anyone from Legla team can you correct if I am wrong in above