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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.

3 DRTs in Chandigarh

DRT-3 will start functioning in Chandigarh w.e.f 13-02-2017.  Consequently the territorial jurisdiction of the three DRTs have been re-aligned.  However there are lots of issues causing hardships to Advocates, Litigants and the Bankers as highlighted by IP Singh, Advocate.  

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3 DRTs in Chandigarh- change in Jurisdiction

DRT-3 have started  functioning in Chandigarh w.e.f 13-02-2017.  Consequently the territorial jurisdiction of the three DRTs have been re-aligned.  The existing cases will be transferred between the DRTs as their respective jurisdiction.  Filing of new cases will be in the respective DRTs.

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New ARC on the horizon

ICICI Bank, Apollo Global Management and Aion Capital Management are jointly going to set up an asset reconstruction company (ARC).  For ICICI, it will be a stake in yet another ARC after ARCIL.

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Guarantors beware you have no protection before DRTs.

At law guarantors responsibility and liability is more than that of the principle borrower.  But does not mean that we must stop standing as guarntors for our near and dear ones.  Take simple precautions and look after your interests.

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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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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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Madhu Bajaj (Smt.) vs. Oriental Bank of Commerce
Where the signatures are disputed it is necessary to get them examined with the help of experts.
The judges must not venture to examine and compare the signatures between those of disputed and admitted ones.

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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

When the borrower does not deserve even sympathy

Government issues tooth less Orders on debt relief!!

Recoveries can be made in terms of contract between the parties.

All that glitters is not diamonds. IT Department learns !

Litigant cannot be made to suffer due to negligence of his counsel.

1. What does territorial jurisdiction of a Debts Recovery Tribunal mean?
2. Can a DRT hear a case over which it has no territorial jurisdiction?
3. Can DRTs adjust territorial jurisdiction amongst themselves?
4. Can we seek transfer of case from one DRT to another, which has not territorial jurisdiction in the matter?
5. How will the DRT handle a matter where the respondent is within the jurisdiction of one DRT but the assets are in the jurisdiction of another DRT?

Read Full FAQ...