I purchased a car in 2001 on a loan and finished paying all 15 installments. Even after clearing the full loan amount, I haven’t received the No Objection Certificate (NOC) from the finance company. Now, I learned the company has shut down. The RTA officer insists on the NOC for cancellation of the hypothecation on my car. How can I solve this issue and get the hypothecation removed from my vehicle?

Apni Law
Apni Law
Law Forum › Category: Documentation › I purchased a car in 2001 on a loan and finished paying all 15 installments. Even after clearing the full loan amount, I haven’t received the No Objection Certificate (NOC) from the finance company. Now, I learned the company has shut down. The RTA officer insists on the NOC for cancellation of the hypothecation on my car. How can I solve this issue and get the hypothecation removed from my vehicle?
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Apni Law Staff asked 3 years ago

I purchased a car in 2001 on a loan and finished paying all 15 installments. Even after clearing the full loan amount, I haven’t received the No Objection Certificate (NOC) from the finance company. Now, I learned the company has shut down. The RTA officer insists on the NOC for cancellation of the hypothecation on my car. How can I solve this issue and get the hypothecation removed from my vehicle?

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Best Answer

Apni Law Staff answered 3 years ago

Since the finance company has shut down, you can approach the Registrar of Companies (ROC) for a closure certificate. Present this certificate, along with your loan repayment history and vehicle documents, to the RTA. This should satisfy them and allow you to get the hypothecation removed from your vehicle.

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