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

The country's foreign exchange reserves touches $ 635.36 billion for the period April-September 2021.



Media abuzz about Government likely to take final call on cryptocurrency; SEBI, RBI likely to regulate it.



Non registration of bore wells by 31st March 2022 to attract hefty costs and penalties. MSME units should be cautious.



Mortarium on coercive actions under SARFAESI Act becomes ineffective. SCI refuses to take cognizance of actions by Banks and FIs.



Prosecutions before PMLA Courts has started moving hand in hand with proceedings before DRT and NCLT.



Morbi Ceramic units face heat from Gujrat High Court. MSME units must factor environmental issues in their functioning.





MSME Units must plan for Covid-3 impact

The much talked about Covid Phase three has finally arrived. It has started taking  toll in urban clusters and is likely to move to rural areas very soon. The impact off the third phase is likely to be felt even in third and fourth quarter of the current financial year . MSME  units should factor this scenario and plan appropriately to reduce the impact. 

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What should lthe limitation be for filing recovery claims?
Should limitation for DRT suits be reduced ?

Law provides filing of debt recovery suits upto 3 years of signing an AOD and upto 12 years in case of mortgages. Another law enjoins Banks to declare an account as NPA within 90 days of its default and start imposing penal levies. Is it time to harmonize these two laws and save the borrower the burden of paying usurious levies? Time to discuss!

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A compromise deed should be a proper document

A document to be called as deed of compromise must bear signatures of both the parties. A one sided exchange of letters cannot be called as compromise settlement. Most borrowers, and some times even bankers take mere exchange of letters as a document and base their claims on them which has no legal status.

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Metro Exporters P. Ltd. & Another v. State Bank of India & Others

Decision by Supreme Court of India

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Ram Kishun & Ors. vs. State of U.P. & Ors.

Only so much of asset should sold as is necessary to repay the debt.  Sale of excess assets is fatal to the auction.

Long possession should not be disturbed as the auction purchaser could have made substantial investments on the land and constructed buildings etc.

While challenging a auction sale, it is necessary that all persons who were party to the proceedings, at any stage should,  should be made party to the case. Leaving out parties would be fatal to the case and the Court cannot proceed to hear  the case.

 

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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...




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More Articles from our Archive

The DRT must adjudicate the claim of the applicant only.

First right of a defendant under SRFAESIA- to be replied to by the Bank.

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

Debts Recovery Tribunal cannot ask the lessee to pay more than the indenture amount.

PO DRT Bangalore placed under suspension. Details awaited.
FAQ on RECEIVERS

1. Who are Receivers in the Debts Recovery Tribunal?
2. Why are Receivers appointed by the Debts Recovery Tribunal?
3. How are Receivers appointed by the Debts Recovery Tribunal?
4. Who bears the costs of a Receiver appointed by the Debts Recovery Tribunal?
5. How are amounts paid to the Receivers by the Debts Recovery Tribunal?

Read Full FAQ...


FAQ on ATTENDENCE OF WITNESSES

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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FAQ on BANKERS BOOK OF EVIDENCE ACT

1. Is the Banker’s Book of Evidence Act applicable through out the country?
2. Is the Banker’s Book of Evidence Act applicable to proceedings before the DRTs?
3. Are all Banks covered under the Banker’s Book of Evidence Act?
4. To what kind of proceedings is the Banker’s Book of Evidence Act applicable?
5. What is a Certified copy of Banker’s Book?

Read Full FAQ...