‘Bank’s Recovery Agent Means a Group of Goons’, Supreme Court Said This?

“Supreme Court of India: The Supreme Court has termed the Bank of India (BOI) recovery agent firm as a ‘group of goons’, saying that despite settling the loan amount in one go, it did not return the seized vehicle to an individual.”

The Supreme Court has termed the Bank of India (BOI) recovery agent firm as a ‘group of goons’, saying that despite settling the loan amount in one go, it did not return the seized vehicle to an individual. In this matter, the apex court has directed the West Bengal police to file a chargesheet against the company within two months. The bench of Justices Suryakant and Ujjal Bhuyan has also directed that compensation be given to Debasish Basu Roy Chaudhary, who had taken a loan of Rs 15.15 lakh to buy a bus in Kolkata. Along with this, the bench has also directed the Bank of India to recover the amount from the recovery agent.

What was the Case

The petitioner started defaulting on the monthly installment from January 2018. The bank took the services of a recovery firm. The firm seized the vehicle. Later, the bank and the petitioner settled, and Rs 1.80 lakh was returned. However, the vehicle was not returned even after that. Despite many efforts, the vehicle was recovered, but its chassis and engine numbers were changed, and some spare parts were also removed.