My brother in law brought a Mahindra maximo in 2012 after taking loan from STFC of around 300000. He paid EMIs of around 100000 after which his business crashed and the vehicle was seized in 2013. Now Shriram has come back stating that the dues on the vehicle is 500000. We have got a arbitrators notice.
As per them after vehicle seizure they were not able to sell the vehicle till 2015 so they are charging for the vehicle being kept on dock etc.
Out of court settlement they are saying would cost 200000. My sister being in a poor financial condition cannot pay such a huge amount. Need inputs from other on how to proceed.