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

Breaking News
PCB issues show cause notice to Flipkart and Patanjali Pey for violating provisions of the Environmental Protection Act 1986 and Plastic Waste Management Rules. [20201116a]



Magistrate While Handing Over Possession U/s 14 SARFAESI Act Not Required To Seek Permission From Company Court: SC [20201116b]



Provision of SARFAESI Act empowering DMs to attach secured assets of borrowers directory. DM is bound to hand over possession to Banks even if there is some delay in taking over possession. [20101116c]



Interim order in Writ petition challenging SARFAESI proceedings should generally not be passed without hearing secured creditors: SC [20101116d]



The Centre raps GOA government on delays in taking over possessions of secured assets by the DMs as it affects the recovery process by banks under the SARFAESI Act. [20101116e]



The Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other third-party charges, including that of state governments. [20201116f]



Fraudulent financial Applications on Google Play store cause havoc with unsuspecting people. Google removes five of them. Be careful with such Applications. [20201117a]





On-line e-Commerce sites have to compulsorily indicate the country of origin of products on display.



Competition Commission of India (CCI) ordered an investigation into the alleged contravention of the provisions of the Competition Act, 2002 (Act) by Amazon Seller Services Pvt. Ltd. (Amazon) and Flipkart Internet Services Pvt. Ltd. (Flipkart)



Government Announces Merger Of Bank of Baroda, Dena Bank And Vijaya Bank Much awaited. Without much ado. Who will miss these banks, even in short run?





Mr. Raghu Ram Rajaan, the former RBI Governor has blamed the Banks of corruption and inefficiency for the huge NPAs.





A tough message for borrowers with a proclivity for mindless litigation. Bombay HC imposes costs of Rs. 50 lakhs for frivolous litigation. Smart litigation is different from mindless litigation.



[The above snippets are from open source public domain inputs. Please cross verify from original sources]





Bad Bank- what could the scenarios be ?

The emergence of “Bad Bank” on the horizon  has started the tongues wagging in the MSME ecosystem.  Though this is not a new concept or something that suddenly sprang on us, but certainly a couple of eye brows is sure to be raised.

 

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Claim will be decreed where defence admits the loan amount -

When a borrower admits having taken a loan from the applicant bank all the other defences set up by him is redundant. If indeed the factum of having taken the loan is acknowledged, then it must be returned with interest. Most of the borrower admit having taken a loan from the applicant Bank, but go ahead and contest and oppose the claim. This results in an incongruity in the defence set up by the respondents. Such a defence has no chance of standing up to scrutiny by the Debt Recovery Tribunals ( DRT ).

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Relief for Bank Customer under Consumer Protection Act

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Contempt proceedings - Limitation starts from the day the contemptuous act became known.

Giving an undertaking to a Court and then going back on it amounts to contempt of that Court. Offering a property as security to a Court with the undertaking not to encumber it any manner, and then going to another Court and once again placing the same property as security is a contemptuous act. A Bank becomes aware of such a trick only due to fortuitous circumstances, but by that time the limitation period for filing a contempt of Court proceedings gets lapsed long past. It has been held that in such circumstances the limitation period for filing contempt of Court proceedings starts from the day the Bank (petitioner) becomes aware of the contemptuous act.

Read Full Article...




Vishal N. Kalsaria Versus Bank of India & Ors.

SARFAESI Act is not superior to State Rent Control Acts

SARFAESI Act cannot be used to bulldoze a tenant out of a mortgaged property without the due process of law under the  local  rent control Laws.

Tenancy created even after mortgage is entitled to same protection as a tenancy before the mortgage.; Tenancy under un-registered agreement is equally valid;
 

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Ultra Tech Cement Ltd. versus Rakesh Kumar Singh & Anr.

Decision by Supreme Court of India

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Bharat International & Anr Vs. State Bank of Travancore & Anr.

Consumer Disputes Redressal Forum can hear a complaint of a person, against whom the DRT has passed an order of Recovery

The issue before the National Consumer Disputes Redressal Commission is different from the one before the Debt Recovery Tribunal

The Consumer Dispute Redressal Forums cannot hear complaints on the amounts decreed by the Debt Recovery Tribunals.

Read Full Judgment...




Hot Trending Topics


Don’t litigate as a reflex action. Plan it properly

Caught with its pants down, HSBC Bank agrees to pays $ 101 million to ward off criminal proceedings.

Do you have a dedicated lawyer on call? Try this scheme.

Do you know tenants cannot be evicted under the SARFAESI Act?








More Articles from our Archive

Buy assets at bank auctions only after due diligence

No need to transfer a case to Debts Recovery Tribunal where a particular case was decreed before the issue of notification under the RDB Act

Stamp duty on auction amount only to be paid: Allahabad HC

Buy assets at bank auctions only after due diligence

Consumer forum asks ICICI Bank to pay Rs 75,000 to complainant
FAQ on ARREST & DETENTION

1. Can DRTs order for arrest and detention of persons?
2. What are the circumstances in which the DRT can order for arrest and detention of persons?
3. Can the Recovery officer order arrest and detention?
4. Can the Registrar order for arrest and detention of a person?
5. What is the procedure adopted by the DRTs for the arrest and detention of a person?

Read Full FAQ...


FAQ on COMPROMISE

1. What is a compromise before the Debts Recovery Tribunal?
2. Upto what stage can a compromise be reached in a case before Debts Recovery Tribunal?
3. Who is competent to enter into a compromise before a Debts Recovery Tribunal?
4. How is compromise recorded before the Debts Recovery Tribunal?
5. What happens if the terms of the compromise before the Debts Recovery Tribunal are not adhered to by one of the parties?

Read Full FAQ...


FAQ on COUNTER CLAIMS

1. What are Counter claims before the Debts Recovery Tribunal?
2. Do I have to pay a fee for filing my counter claim application before the Debts Recovery Tribunal?
3. I expect the Bank to file an application against me in the Debts Recovery Tribunal. Can I file my counter claim in the Debts Recovery Tribunal in anticipation of the bank filing an claim against me in the DRT?
4. I want to file an application against the Bank in the Debts Recovery Tribunal under Section. 17(1) of the SRFAESI Act. Can I include counter claim against the Bank in this application?
5. What should the counter claim before the Debts Recovery Tribunal be based upon?

Read Full FAQ...











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