Maharaj Road Carriers Proprietor Seeks Settlement With HDB Financial Services, Raises Concerns Over Vehicle Disposal

Borrower says he is ready to pay an amount higher than the expected auction realisation and seeks a fair opportunity to settle the outstanding dues

New Delhi: Mr. Santosh Dubey, Proprietor of Maharaj Road Carriers, has sought an opportunity to settle the outstanding dues associated with Loan Account No. 59545959 with HDB Financial Services, stating that he is ready and willing to make a payment that he claims would be higher than the amount expected to be realised through the auction of the financed vehicle.

According to the borrower’s representation, despite his willingness to resolve the outstanding liability, concerns have arisen regarding the proposed handling and disposal of the vehicle.

Borrower Raises Concerns Over Vehicle Disposal

Mr. Dubey alleges that Mr. Sunil Dubey, who is stated to be associated with the recovery process, is removing or selling parts of the vehicle and attempting to proceed with its disposal without what the borrower considers to be a fair and transparent auction process.

The borrower has further raised a concern regarding the possibility that the vehicle could ultimately be sold to an individual who may be related to or connected with the recovery agent. This is an allegation raised by the borrower and has not been independently established.

The concerns, according to Mr. Dubey, warrant an immediate review of the vehicle’s status and the manner in which any proposed sale or disposal is being conducted.

Borrower Says Settlement Could Protect Both Sides

Mr. Dubey maintains that he remains prepared to clear the dues and has expressed his willingness to make an offer exceeding the expected realisation from an auction of the vehicle.

From the borrower’s perspective, consideration of such an offer before the vehicle is dismantled or sold could potentially protect the interests of both parties by avoiding further depreciation, disposal-related costs or a lower recovery value.

He is therefore requesting HDB Financial Services to consider his settlement proposal before taking any final step concerning the vehicle.

Request for Transparent Auction Process

The borrower has requested HDB Financial Services to:

• Immediately stop any dismantling or disposal of the vehicle pending review of his representation
• Preserve the vehicle in its existing condition
• Consider his settlement offer before final disposal
• Conduct any eventual sale through a fair and transparent process
• Ensure that the vehicle is not disposed of through any process that could create a conflict of interest or raise questions regarding the independence of the purchaser

Mr. Dubey’s principal concern, as stated in his representation, is that the vehicle should not lose value through the removal or sale of parts before the lender has properly considered his willingness to settle the outstanding liability.

A Matter That Warrants Clarity

The issue ultimately comes down to whether a borrower who claims to be ready to pay more than the anticipated auction realisation should be given a meaningful opportunity to present and have his settlement proposal considered before the secured asset is finally disposed of.

For the borrower, the immediate priority is the preservation of the vehicle and an opportunity to resolve the outstanding liability without further financial loss.

Vanity Stardom has presented the allegations and concerns based on the borrower’s account. HDB Financial Services has not been quoted in this report regarding the specific allegations above. Any response or clarification from the company would be relevant to establishing the complete picture.