Maharaja Road Carriers Raises Concerns Over Proposed Sale of Financed Vehicles, Seeks Fair Resolution With HDB Financial Services

Maharaja Road Carriers, through its proprietor Mr. Santosh Dubey, has raised concerns regarding the recovery and proposed sale of vehicles financed through HDB Financial Services and has sought an opportunity to settle the outstanding loan liability before any sale or auction is undertaken.

According to the details provided by the borrower, the financing facilities relate to vehicles bearing registration numbers CG13BD1607, CG13BD1611 and CG13BD1625. The loan statement reportedly reflects six relevant loan or account numbers: 59545614, 59546276, 59545806, 59546131, 59242224 and 59545959.

As per the statement shared by the borrower, the aggregate financed amount reflected is ₹1,53,42,591. Against this amount, an EMI-paid amount of ₹33,13,027 and cheque-paid amount of ₹5,56,503 are reflected, while the pending amount is stated to be ₹1,14,73,061.

Mr. Santosh Dubey has stated that he remains willing to clear the outstanding dues and settle the loan accounts with HDB Financial Services. According to his representation, he has made multiple attempts to communicate with Mr. Sunil Dubey and Mr. Vikas Dubey regarding payment and the possibility of restructuring the loan so that the outstanding liability can be regularised and discharged.

The matter has now raised concerns over the proposed disposal of the financed vehicle. According to the borrower, it has come to his knowledge that a recovery agent associated with HDB Financial Services is attempting to sell the vehicle to a person allegedly connected or related to the recovery agent at a price that the borrower believes may be below the prevailing market value.

These are allegations and concerns raised by the borrower, and no independent finding has been made in this account regarding the alleged connection between the proposed purchaser and the recovery agent, or regarding the valuation at which the vehicle may be offered.

The borrower has therefore sought greater transparency around the proposed recovery and sale process. Among the matters he wants examined are the valuation of the vehicle, the reserve price, the proposed sale consideration, the identity and eligibility of the proposed purchaser, the manner in which the vehicle is proposed to be sold or auctioned, and the basis used to determine its sale value.

According to Mr. Dubey, the primary concern is that the vehicle could potentially be disposed of at an undervalued consideration while the borrower is simultaneously expressing his willingness to arrange payment and resolve the outstanding liability. He maintains that such a situation could result in financial prejudice to the borrower if the vehicle is ultimately sold for an amount substantially below its prevailing market value.

The borrower has accordingly requested that any recovery or sale process be conducted through a fair, transparent and properly documented procedure and in accordance with applicable requirements governing recovery and the sale or auction of secured assets.

At the centre of the matter is the borrower’s stated willingness to settle the outstanding dues. Mr. Dubey has sought a reasonable opportunity to make the necessary payment or enter into an appropriate restructuring or settlement arrangement before the vehicle is sold.

The representation also calls for clarity on whether a mutually agreed repayment arrangement can be worked out before the recovery process reaches the stage of disposal of the secured vehicles. From the borrower’s perspective, resolving the outstanding liability through payment or restructuring would provide an opportunity to discharge the obligation while avoiding a potentially disputed sale process.

The matter highlights the importance of transparency when financed commercial vehicles are subject to recovery proceedings, particularly where the borrower disputes the proposed valuation or seeks an opportunity to regularise the account. Proper documentation of the valuation, sale procedure and proposed consideration can help establish clarity for all parties involved.

For Maharaja Road Carriers and its proprietor Mr. Santosh Dubey, the immediate objective remains the resolution of the outstanding liability. The borrower has maintained that he is ready and willing to make the required payment and has requested that the proposed sale be examined before any final disposal of the vehicles.

The concerns raised by the borrower remain subject to verification and response from HDB Financial Services and any other parties involved in the recovery process. A complete assessment would require examination of the loan documents, payment records, valuation reports, recovery notices, sale or auction documentation and the responses of the concerned parties.