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BankDRT:: Debts Recovery Tribunal ( DRT, DRT Auctions, DRT Act, DRT Rules) SRFAESI Act

DRT Siliguri notified and work re-distributed amongst DRTs in Kolkatta and DRT Siliguri

DRT-3 Chandigarh notified and work amongst DRT-1,2 & 3 Chandigarh re-distributed

Fraudsters impersonating as Bank & DRT Officers dupe innocent property buyers! Ideas invited to bring these people to justice!

A number of innocent people anxious to buy  properties at auction being connected by the Debt Recovery Tribunal are being taken for a ride by fraudulent people impersonating as bank officials and/or officials of the DRT.  On the basis of a recent case suggestions/ideas are solicited to bring these unscrupulous persons to justice

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How will banks benefit from new Ordinance promulgated under the BIC 2016?

The government of India has promulgated a ordinance under the Insolvency and Bankruptcy Code (IBC) 2016 aimed at quick resolution of stressed assets of banks and to balance the interests of other stakeholders. At first look, there is nothing earthshaking or anything extraordinary in the new ordinance. However the business community, the bankers and the consultants are talking animatedly about something big to happen not of the Ordinance. What could then be?

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Ordinance promulgated for quick resolution of stressed assets.

An ordinance has been promulgated for a quick resolution of stressed assets of banks and to balance the interests of other stakeholders. The new ordinance aims to utilize the provisions of the Insolvency and Bankruptcy Code (IBC) 2016 for the purpose.

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Tenants cannot be evicted from a property under the SRFAESI Act

The Delhi High Court has held banks cannot use SRFAFESI Act to evict lawful tenants from a property.  The bank can take over the property and auction it off subject to rights of  Lawful tenants.

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Consent and limitation are no bar for challenging a unlawful compromise

A compromise decree which is not in accordance with the law cannot be enforced even if the period of limitation has lapsed and the decree has attained finality, and also, even though it was a consent decree.

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Chandigarh HC orders scrutiny of records of Debts Recovery Tribunal at Chandigarh and immediate setting up of web site.

The Chandigarh High Court has ordered its Registrar (Vigilance) to examine the records of the Debts Recovery Tribunals at Chandigarh to verify as to whether records have been maintained truthfully, amongst other things.

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Acceptance of filings in Registry and its scrutiny is a clerical/ ministerial work. It involves no judicial activity on the part of the Registry, who have no discretionary powers. The Registry works on delegated ministerial powers only. Therefore the Registry cannot reject an application on any ground.

Since SICA has been abolished matters pending before BIFR/ AAFIR would automatically stand transferred to CLT. A matter on remand from the Supreme Court to BIFR from AAFIR would also stand transferred to CLT.

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State Bank of Patiala versus Mukesh Jain & Anr.

Financial jurisdiction of DRT v/s that of Civil Court has to be judged from the provisions of Act under which proceedings have been initiated by the Bank.  If proceedings have been initiated under the SARFAESI Act, the jurisdiction of civil Courts would be ousted if the claim amount is Rs. 2 lakhs or more, whereas, if proceedings are under RDB Act 1993,  the civil courts will have jurisdiction to entertain suits where the claim amount is less than Rs. 10 lakhs.

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Gagan Khosla vs. Industrial Finance Corporation of India Ltd.

Provision of Section 10 of the Code of Civil Procedure cannot be applied, and need not be applied to the proceedings before the DRT to stay the proceedings in Debts Recovery Tribunal on the basis that a previously instituted suit is pending before the Civil Court between the same parties.

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All NPA accounts to be declared Willful defaulters?

Banks race against each other to declare Vijally Mallya as willful defaulter.

United Bank of India declares Vijay Mallya as Willful defaulter.

Other Banks may follow suit and declare Vijay Mallya as Willful defaulter.

Big debate – whether the procedure for declaring a person as a Willful defaulter is judicious, transparent and non arbitrary? Send us your views

More Articles from our Archive

Bank need not reply to representation within a week.

Should Recovery Proceedings by Banks need monitering?

Guarantors are not protected under provisions of SICA

Powers of DRTs are limited where Companies are under liquidation.

Banks can club all their claims against a person in a single application before the DRT.

1. What is enforcement of attendance of a witness before Debts Recovery Tribunal?
2. How can I seek the presence of a particular person as a witness before the Debts Recovery Tribunal?
3. Who has to bear the expenditure towards summoning of a witness before the Debts Recovery Tribunal?
4. Can a person refuse to appear before the Debts Recovery Tribunal?
5. Are there any grounds when the Debts Recovery Tribunal can excuse a person from appearing before it as a witness?

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