The disputed vehicle has to be released in favour of SREI Equipment Finance Ltd - SREI Equipment Finance Ltd V/s Ramjan Ali & ORS.

Last updated: 12 January 2021

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Quick Summary

The Supreme Court has ruled in favour of SREI Equipment Finance Ltd concerning a disputed JCB vehicle. The High Court had previously ordered the release of the vehicle to the respondent. SREI Equipment Finance Ltd, having financed the purchase of the JCB machine under an agreement with the original owner, appealed this decision.

Court :
Supreme Court of India

Brief :
This appeal has been filed challenging thejudgment dated 28.01.2020 of High Court of Judicatureat Allahabad, Lucknow Bench allowing the applicationunder Section 482 Cr.P.C. filed by respondent No.1. By impugned judgment, High Court has directed forrelease of vehicle JCB No.UP 51 AT 5709 in favour ofthe respondent No.1. The appellant, who was respondent No.3 before the High court aggrieved by the judgment has come up in this appeal.

Citation :
CRIMINAL APPEAL NO. 6 of 2021

IN THE SUPREME COURT OF INDIA
CRIMINAL APPELLATE JURISDICTION

CRIMINAL APPEA L NO. 6 o f 2021
(arising out of SLP (Crl.) No.3893/2020)

SREI EQUIPMENT FINANCE LTD. ...APPELLANT(S)

VERSUS

RAMJAN ALI & ORS. ...RESPONDENT(S)

J U D G M E N T

ASHO K BHUSHAN,J.

Leave granted.

2. This appeal has been filed challenging thejudgment dated 28.01.2020 of High Court of Judicatureat Allahabad, Lucknow Bench allowing the applicationunder Section 482 Cr.P.C. filed by respondent No.1. By impugned judgment, High Court has directed forrelease of vehicle JCB No.UP 51 AT 5709 in favour ofthe respondent No.1. The appellant, who was respondent No.3 before the High court aggrieved by the judgment has come up in this appeal.

3. Brief facts of the case and events necessary to be noted for deciding this appeal are:-

3.1 One Amarnath Yadav purchased the JCB machineand entered into a finance agreement dated22.10.2016 with the appellant under which agreement the appellant financed an amount of Rs.19,83,360/-. Under the agreement, Shri Amarnath Yadav (hereinafter referred to as “original owner”) agreed to repay the loan in 46 monthly instalments @ Rs.56,300/- for each month from 15.12.2016 to 15.09.2020.

To know more in details find the attachment file

FAQ :

The case concerned the release of a disputed JCB vehicle, with SREI Equipment Finance Ltd appealing a High Court decision that ordered its release to the respondent.

The appellant is SREI Equipment Finance Ltd.

The respondents are Ramjan Ali and others.

The original owner purchased a JCB machine and entered into a finance agreement with SREI Equipment Finance Ltd, who financed an amount of Rs. 19,83,360/- for its purchase.

The High Court directed the release of the vehicle (JCB No. UP 51 AT 5709) in favour of the respondent.