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

Can a State Govt also conduct audit of cooperative Banks, even though such Banks are licensed and audited by the RBI ?



Tata Digital buys 64% stake in Big Basket

[20210705]



Retail, wholesale trade brought under MSME

[20210705]



The Union Cabinet has approved the ₹6.29-lakh crore relief package a to help the revival of the economy battered by Covid-19.

[20210705]



Rajeev Sharma, an allegedly, journalists was arrested on the charges of money laundering. He was reportedly receiving remuneration from a Chinese shell company.

[20210706]



Kewal Krishan Kumar, the chairman and managing director (CMD) of Shakti Bhog Foods Limited, was arrested from Delhi under the provisions of Prevention of Money Laundering Act (PMLA) linked to a bank loan fraud.

[20210706]



NON PERFORMNG ASSESTS or CORRUPTION?

The former Chief Vigilance Commissioner, Sh N.Vittal, as was his wont always said things that left people red in their faces. So were his views on NPAs of Banks.

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Bank accepts Government lake as collateral!

Believe it not, it’s the most bizarre thing to hear. IOB Bangalore extended a huge loan to a private builder against a Government lake as collateral. And on top of it, the bank goes ahead and auctions the lake to recover the dues!!!

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

the case wil be preserved at the same place the suit was filed,only when post summoning and appearence of the Accused and where the the complaint remains at same place or court where the cheuqe was dishonoured. but here, the appealent recorded their statement at Pre- summning stage by filling the affidavit

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Mathew Varghese vs. M. Amritha Kumar & Ors.

Decision by Supreme Court of India: here R1 and R2 were given time to settle the loan due after the judgment in O.A in form of OTS (one Time Settlement) and later after providing certain times,the bank withdrew the option of OTS. the later R1 and R2 filed a WP in High Court where H.C provided 6 weeks of time for OTS nor to Deposit certain amount to stop Auction. but, R1 and R2 failed to do so and later after stipulated time,the bank sold the property and issued sertificate of sale and after deducting the banks amount,remaing amount was handed over to R1 and R2.then, this appeal in S.C was filed to claim they were not informed of Any Auction or no Notice were served to them and they made this Appeal to claim actual amount to be recovered from Auction Purchaser on Current market Rate. so, this Court has Ordered the Auction Purchaser to Pay the Remaing amount of Current Market after deducting the sale Consideration 

Read Full Judgment...




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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

Where the bank has suppressed material evidence it is not entitled for any relief

Auctions below upset price are not permitted.

Jurisdiction of High Courts over DRATs depends on the cause of action

CMM need not hear the owner of asset.

DRATs are under jurisdiction of multiple High Courts
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...