- (1.) Petitioner, Lal Krishna Verma, had taken a loan amounting to Rs. 3,50,000/- from Cholamandalam Investment and Finance Company Limited, Deokali Branch, District Faizabad for agricultural purposes i.e. for purchasing a Tractor
(2.) The aforesaid amount was to be paid in installment as agreed upon between the parties but the petitioner defaulted in making regular payment as such a demand notice contained in Annexure-1 to the writ petition has been issued by the respondent-company. It is said that the possession of the Tractor has also been taken by the agent/representative of the Company, causing serious prejudice to the petitioner, who had already deposited Rs. 2,00,000/- towards loan amount.
(3.) In the backdrop of the aforesaid facts, this writ petition has been filed for quashing the aforesaid demand notice and for a direction to release the tractor.;