UDIT SHARMA AND ASSOCIATES
ADVOCATES AND LEGAL CONSULTANTS
aduditsharma.27@[Link]
Date: 10/01/2025
Notice ID - 2252 To,
NARESH KUMAR (Applicant)
H NO-B-4 A GALI NO-4 B BLOCK RAMA GARDEN KARAWAL NAGAR NORTH EAST
Sub : Notice of Demand – Reg.
Ref (1) : Loan Agreement No. 103246
(2) : Vehicle / Equipment - TWO WHEELER :
Sir/Madam,
Under the instructions of and on behalf of my clients, M/[Link] Finance Ltd., a Non-Banking
Finance Company registered under the Companies Act, 1956, having its Corporate Office at No.
27-A, Developed Industrial Estate, Guindy Chennai – 600032 (hereinafter referred to as “our
client”), hereby issue this following notice to you:
1. That you, the Noticee/s had approached our client and expressed your interest for availing a
loan for purchasing a vehicle / equipment referred second above and our client has
sanctioned & disbursed you the loan amount of Rs. 78000.00/- (principal only) upon
execution of the first referred loan agreement. The vehicle / equipment purchased out of
funds so financed was hypothecated in favour of our client and accordingly they have first
charge over the said Asset. You have agreed to repay the loan with interest and other
applicable charges without any delay or default and further undertake to abide all the terms
and conditions of the loan agreement including the repayment schedule.
2. That on the contrary, you are very irregular and erratic in payment of the installments and
several Cheques/NACH/ECS/SI mandates as applicable, issued by you towards the payment
of instalments had been returned/dishonored and as on 05/01/2025 a sum of Rs.
27319.00/(Rs Seventen Thousand Three Hundred Nineteen Only) is payable towards
overdues alone. It is pertinent to point out here that your loan account has been classified as
nward Coworkx, Okhla Industrial Area, New Delhi, Delhi 110020.
“NPA” (Non-Performing Asset) in the books of our client as per the guidelines of RBI and shall
be reported to credit rating agencies such as CIBIL etc. In-spite of repeated reminders, till date
you had not cleared the overdues and other charges as applicable and thereby committed
breach of the contract. Hence, our client, left with no other option, recalling the entire loan
together with additional interest & other charges accrued thereon.
3. Therefore you, the Noticee/s are hereby called upon to pay our client, a sum Rs. 30426.00/-
(Rupees Thirty Thousand Four Hundred Twenty Six Only) towards full and final settlement
of the loan account within 15 days from the date of receipt of this notice failing which, we
shall be constrained to initiate appropriate legal proceedings (both civil and criminal) which
includes taking over of the secured asset by exercising powers conferred to us, holding you,
the Noticee/s liable for all costs and consequences arising thereto.
4. For further clarification you may reach out
Yours truly,
Udit Sharma
Advocate " Kindly ignore this notice if the matter has already been resolved or settled or you have already made the payment."
nward Coworkx, Okhla Industrial Area, New Delhi, Delhi 110020.
