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

Insolvency and Bankruptcy Code 2016 becomes operational.

A default of Rs. 1 lakh can trigger insolvency proceedings by any creditor including operational creditors.

Company/ Assets to handed over to Insolvency Professional who should resolve the claims.

Total time fixed for resolution of debts is 180 days.

Apex Court holds 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

Tenancy created even after mortgage is entitled to same protection as a tenancy before the mortgageities respectively.

Took a loan? Repay it first. Rest await civil courts Orders.

If you have taken a loan, then repay it first.  For the rest of your issues with the bank, fight it out in the civil Courts or where ever you feel like it.  The Debt Recovery Tribunals is not forum to settle other non-loan related issues with the Bank.

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Electrotherm takes OTS route to come out of its banking woes

Electrotherm has opted for the One Time Settlement (OTS) route to come out of its pernicious litigations with ICICI Bank.  It paid out a sum of Rs.12.50 Crores against an outstanding amount of Rs.55.97 Crores against full and final settlement of all issues.

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Lessons from Pokarna Engineered Stone exiting Corporate Debts Restructuring Scheme

Pokarna Engineered Stone (PES) is reported to have exited the Corporate Debts Restructuring (CDR) Scheme ahead of the schedule as it has been able to generate enough revenues to throw of the yolk set up by the banks.  And herein lies a  lesson for other units who have to deal with banks and cash crunch situations.

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Consumer forum asks ICICI Bank to pay Rs 75,000 to complainant

Consumer Forum Chandigarh has imposed a penalty of Rs. 75,000/- on ICICI Bank for confiscating and selling off a vehicle of a borrower.

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If a compromise has two portions, lawful and unlawful, the lawful can be enforced and the unlawful ignored.

If a compromise can be easily segregated into two portions, a portion which is lawful and the other which is not as per the law, then portion that is lawful can be enforced and that which is unlawful can be ignored and not enforced.

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The RBI has powers to define the parameters of NPA

The Supreme Court of India has held that the Reserve Bank (RBI) of India is competent to define what constitutes Non Performing Assets and that is there is nothing un Constitutional in Parliament delegating this power to the RBI.

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Sale of mortgaged property by a bank is an inseparable and integral part of the business of banking.

Section 187 of the Tripura Act of 1960, on the other hand, prohibits the bank from transferring the property which has been mortgaged by a member of a scheduled tribe to any person other than a member of a scheduled tribe. This is a clear restriction on what is permitted by the Act of 2002 for the realisation of amounts due to the bank.

The field of encroachment made by the State legislature is in the area of banking. So long there did not exist any parallel Central Act dealing with sale of secured assets and referable to Entry 45 of List I, the State Act, including Section 187, operated validly. However, the moment Parliament stepped in by enacting such a law traceable to Entry 45 and dealing exclusively with activities relating to sale of secured assets, the State law, to the extent that it is inconsistent with the Act of 2002, must give way. The dominant legislation being the Parliamentary legislation, the provisions of the Tripura Act of 1960, pro tanto, (Section 187) would be invalid.

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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

A pending EP no bar to proceedings under SRFAESI Act

Wrongly attached properties can be opposed

Uncontested claim of a Bank results in full amount being decreed.

Agricultural land cannot form security for SRFAESI Act.

Recovery Officer cannot impound passport.

1. What is the meaning of limitation before the Debt Recovery Tribunal?
2. What happens if the act is not performed before the Debt Recovery Tribunal within the prescribed period limitation?
3. Will the Debt Recovery Tribunal entertain an objection from the opposite party if I seek condonation of delay?
4. Can I request the Debt Recovery Tribunal for condition of delay?
5. When can one seek condonation of delay before the Debts Recovery Tribunal?

Read Full FAQ...