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

DRT Siliguri notified and work re-distributed amongst DRTs in Kolkatta and DRT Siliguri

DRT-3 Chandigarh notified and work amongst DRT-1,2 & 3 Chandigarh re-distributed

Notification: Constitution of DRT Siliguri and distribution of work amongst DRTs in Kolkatta.

Constitution of DRT Siliguri has been notified by the Government of India, and consequently there is new work distribution between the DRTs at Kolkatta and Siliguri.  Parties who have cases in West Bengal and Siliguri may make note of the new work distribution between the DRTs.

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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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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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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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DRAT have powers to condone delays in filing appeal : SC

The Supreme Court has ruled that Debts Recovery Appellate Tribunal (DRAT) have powers to condone delay in filing appeals under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act 2002 thus settling a very irritating question of law.

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Acceptance of filings in Registry and its scrutiny is a clerical/ ministerial work. It involves no judicial activity on the part of the Registry, who have no discretionary powers. The Registry works on delegated ministerial powers only. Therefore the Registry cannot reject an application on any ground.

Since SICA has been abolished matters pending before BIFR/ AAFIR would automatically stand transferred to CLT. A matter on remand from the Supreme Court to BIFR from AAFIR would also stand transferred to CLT.

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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

Sale below reserve price is not illegal.

SRFAESI - needs securitisation

Decks cleared for proceedings against former PO DRT Ahmedabad.

Kerala High Court’s fresh approach on Securitisation proceedings.

Guarantors can peruse Appellate Remedies on their own

1. What is Banking Ombudsman Scheme?
2. Who is a Banking Ombudsman?
3. Where all is Banking Ombudsman located?
4. Does the Banking Ombudsman scheme cover credit card issues?
5. How is Banking Ombudsman different from a Consumer Court?

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