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Head Note

Motor Vehicles Act,1988  - Section 146 , Section 196

Financed Vehicle - Insurance of Vehicle - Liability of Creditor Bank - Held that the liability of such bank to get the vehicle insured is only till the vehicle comes out on the road - Initially the financed tractor was go insured but subsequently it was no got insured by respondent and the same met with an accident and MACT awarded compensation against respondent - Creditor bank is not liable to get renewed the insurance policy on behalf of the owner of the vehicle from time to time - Order passed by the authorities under Act, 1986 holding the appellant-creditor Bank to pay compensation arising out accident liable to be set aside.

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