On 24 June 2009, Muazzam Iktibar and Putra Bank entered into a hire purchase agreement whereby Muazzam Iktibar agreed to hire a Mercedes Benz (the car ) at a price of RM600,000 payable by 107 instalments of RM6,000 monthly, which commenced on 24 July 2009, with the last instalment being RM5,500. In 2014, Muazzam's business dropped down and there were defaults in payment. The last defaults were committed in January, February and March 2014. The outstanding sum owed by Muazzam to the Bank at this moment was RM300,000. The Bank sent a notice of intention to repossess the car under the Fourth Schedule to the Hire Purchase Act 1967 dated 24 April 2014. Myazzam Iktibar, however voluntarily returned the car to the Bank on 6 May 2014. The car was immediately examined by a representative of C-Mart Corporation San Bhd (C-Mart) for the Bank upon its return. As such, on 7 May 2014, the respondent issued a notice under the Fifth Schedule of the HP Act providing the Bank's estimated value of the car of RM200,000. The car was eventually sold by public auction on 22 August 2014 at a sale price of RM140,000 leaving the balance of the outstanding sum after the proceed of sale was RM160,000. The Bank then commenced a civil action in the Session Court demanding payment for this amount. Muazzam was very upset and argued that the car should have been sold at a higher price for being a $350 Japanese specification model, as it commanded a value higher than an equivalent of UK specification. The car was also in excellent condition when he returned it to the Bank, complete with accessories such as spoilers, sports rims and four new tyres worth at least RM12,000, a cassette player, a woofer box as well as an amplifier. He also highlighted that the sum mentioned in the Fifth Schedule notice issued by the respondent itself stated RM200,000 to be the estimated value of the car, far exceeding the sale price of only RM140,000. Even the Star Search advertisement pages of The STAR on the market value of cars showed that the lowest price quoted on those dates was RM199,800 on 3 June 2014, and the highest was RM240,000 on 22 August 2014 being the actual selling date. Muazzam claimed that the sale at the public auction was illegitimate for all of these grounds. He further claimed that the repossession was carried out in violation of the Hire Purchase Act of 1967's statutory repossession obligation. Complete the application of law and conclusion in essay form