RULING MISCELLANEOUS COMMERCIAL APPLICATION NO
The applicant, as title holder under the financial lease, is entitled to repossess the seven buses from the respondent due to expiry and breach of the lease agreement, non-exercise of the purchase option, and failure to surrender the equipment after due notice. The respondent's arguments of full payment and co-ownership are legally misconceived; title and ownership are distinct, and the buses are subject to the lease. The application is not an execution of a prior decree but an independent statutory remedy under the Financial Leasing Act.
Source excerpt
- Financial leasing
- Repossession of leased assets
- Lease agreement breach
- Title holder rights
- Issue estoppel