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




Now DRTs to work on all 6 days of week, with 2nd Saturdays as a additional Holiday.



The JPC clears Insolvency and Bankruptcy Code after adding stringent clauses to factor in overseas assets of ailing firms during winding up process.



RDDBFI Act and SARFAESI Act to be amended to speed up debt recovery process.



High levels NPAs likely to remain through 2017 as well.



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 mortgage





Apex Court holds Tenancy under un-registered agreement is equally valid:





MM must examine the tenancy claims before allowing Banks/ police to evict tenants.





If tenancy is proved, then Banks/ Auction purchaser will have to legally evict the tenants







Muscle power cannot be used to evict tenants under guise of SARFAESI Act







Tenants must approach the MM with all the proofs of tenancy to protect themselves from eviction under SARFAESI Act







Tenants have good protection of law in case of eviction by Banks under SARFAESI Act






There are 115 willful defaulters in the country who owe Rs. 64,300 crore PSU Banks : MOSF



Banks and empowered to take all necessary actions against the willful defaulters. MOSF



Licenses of 56 NBFCs cancelled by the RBI on various grounds.



The gross NPAs of public sector banks were 6 per cent at the end of June, up from 5.2 per cent in March.



The NPA figures provided by the banks deferred with the numbers discovered by the RBI during their annual inspections.



Kangaroo Committees with Kangaroo procedures brands a person as willful defaulter?



Funding to MSME units likely to improve and become easier after the launch of the Mudra bank.



Three entities have been granted in-principle approval for setting up the Trade Receivables Discounting System (TReDS)



TReDS will allow SMEs to post their receivables on the system and get them financed.



TReDS will not only give MSME Units greater access to finance but also impose greater discipline on corporates to pay their dues on time.



TReDS will be integrated with Bharat Bill Payment Central Unit (BBPCU). MSME Units should plan their financials immediatley and if they cannot grow with these new measures they better leave the business.





The Debt Recovery Tribunal (DRT) and the National Company Law Tribunal (NCLT) shall be adjudicating authorities over individuals and unlimited liability partnership firms and companies and limited liability entities respectively.



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.

Read Full Article...


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.
 

Read Full Article...


Clamour to extend SARFAESI Act to NBFCs grows.

Non Banking Finance Companies (NBFC) have long been clamouring for access to Debts Recovery Tribunal (DRT)  as well as powers to use provisions of  the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SRFAESI Act) Act for recovery of their dues.  A recent “study”  only adds to their demand.

Read Full Article...


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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The DRTs cannot enlarge the demand from what was sought in the S. 13(2) Notice

The notice under section (u/s) 13(2) of the SRFAESI Act is the corner stone of initiating recovery proceedings against a borrower. The DRTs must scrupulously follow what was intended in the original S. 13(2) notice and not enlarge it by adding other accounts.

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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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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;
 

Read Full Judgment...


KSL & INDUSTRIES LTD. Versus M/S ARIHANT THREADS LTD. & ORS.

Every Act has to be interpreted in the context in which it is being sought to be examined.

When the question of revival of sick industries, then SICA in general and Section 22 thereof will prevail over the RDDBFI Act, even though the RDDBFI Act is the latter Act.

Where recovery of debt is the question, then the RDDBFI Act will prevail SICA

Read Full Judgment...


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.

Read Full Judgment...


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

DRAT can modify rate of interest pendent elite

Dues of a Government company are not dues of the Government.

Courts take a dim view of delaying tactics

NCDRC puts brakes on reckless charging of interest by banks under the floating rate of interest

OTS with bank does not mean removal of name from special watch list by ECGC.
FAQ on CORPORATE DEBT RESTRUCTURING SCHEME

1. To which category of Banks is CDR applicable?
2. What is the aim of the CDR scheme?
3. Is it mandatory for the Banks to comply with the CDR scheme?
4. What is CDR standing forum?
5. What is CDR Empowered Group?

Read Full FAQ...