Jagjit Singh, a business owner, purchased a Toyota Corolla Altis worth RM130,000 on 4 June 2020 and was required to pay a deposit of RM13,000. He entered into a hire purchase agreement with Bunga Maju Bank Berhad at an interest rate of 2.75% per annum. Recently, due to Covid-19 pandemic, his business dropped hence he was unable to pay the installments for the month of September and October 2021. Bunga Maju Bank Berhad now wishes to repossess the car and issued a Fourth Schedule notice to Jagjit.

With reference to relevant statutory provisions and decided cases, advise Jagjit on the procedure of repossession and his legal rights under the Hire Purchase Act 1967.