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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

Bank are misusing SARFAESI Act

The Banks are misusing the powerful tools placed in their hands,  in trust by the legislature.  Only in very cases do the banks move ethically and solve the debt issue on a equitable.  Here is one mail received from one  esteemed  site members which will give you one more insight into what is going wrong.

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No money to put up for litigation? Consider indigence route!

There many instances where a person has to either defend a case or institute a case, but has no money to do so. In such situations  there is a provision to peruse his legal remedies without having to pay Court Fees. 

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Stuck with GST Credits? Take Loans against it through SBI’s MSME Assit!

Many MSME units are having problems with their GST credit inputs which is blocking their working capital.  Now banks are coming with schemes to offer loans against GST credits with MSME units.

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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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DRTs can vary rates of interest even in compromised matters.

The standard practice for the courts is not to interfere in matters where two parties have mutually consented to follow certain terms and conditions between them. But there may be occasions where the Debts Recovery Tribunals (DRT) may have to step in to mitigate the hardships being faced by one of the parties.

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DRT restrains directors of defaulter company from travelling abroad

DRT Chennai has reportedly passed ad interim orders restraining directors of a company from travelling abroad without its permission, as they had defaulted in complying with the earlier undertakings given by them.

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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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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;

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Ravinder Singh vs. Syndicate Bank
Where the Bank did not oppose the facts mentioned in the application when it was filed before the DRT, they can oppose it before the DRAT for the first time.
An borrower should not be made to suffer because of the omissions and commissions of his counsel.
Where a borrower has been less vigilant than he has been, ends of justice will be met if some exemplary costs are imposed but he should be allowed to present his side of the case before the DRT.

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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

Appeal to DRT under SRFAESI Act to be charged as per DRT Rules:: SC

Asset can be sold below the Reserve price also.

The Debt Recovery Tribunals should hear the parties.

Blaming advcoate for delay in filing the appeal is not a good idea, Sir jee!

Blaming advcoate for delay in filing the appeal is not a good idea, Sir jee!

1. What is non-performing assets?
2. How are non-performing assets classified?
3. I have a cash-credit account which does not involve any fixed amount to be deposited by any fixed days. Can such a account also be classified as NPA?
4. What is “Out of Order” account?
5. What was the duration of in activity earlier before which the account was classified as NPA?

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