Allegations Levelled Against Secured Creditors Can Always Be Examined By DRT Headed By Judicial Officer Of Same Level As A District Judge: Punjab & Haryana High Court
2 years, 7 months ago

Allegations Levelled Against Secured Creditors Can Always Be Examined By DRT Headed By Judicial Officer Of Same Level As A District Judge: Punjab & Haryana High Court

Live Law  

Punjab and Haryana High Court recently held that allegations levelled against the secured creditors can be examined by the DRT and where there is an express bar to the jurisdiction of Civil Court, the same cannot be permitted by alleging fraud played by the secured creditors. The allegations levelled against the secured creditors can always be examined by the DRT which is headed by the Judicial Officer of the same level as the level of a District Judge. In a case where there is an express bar to the jurisdiction of Civil Court, the same cannot be permitted to be avoided merely by alleging fraud played by the secured creditors. The court further noted that the Supreme Court, considered the allegations of fraud played on by the secured creditors in the case of Electrosteel Castings Limited vs. UV Asset Reconstruction Com.

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History of this topic

Disputes Which Are To Be Adjudicated By DRTs Are Not Arbitrable: Supreme Court Overrules 2012 Delhi HC Judgment
4 years, 3 months ago

Disputes Which Are To Be Adjudicated By DRTs Are Not Arbitrable: Supreme Court Overrules 2012 Delhi HC Judgment

Live Law  

Overruling a Full Bench decision of Delhi High Court, the Supreme Court has observed that the disputes which are to be adjudicated by the Debt Recovery Tribunal under the DRT Act are non-arbitrable.To hold that the claims of banks and financial institutions covered under the DRT Act are arbitrable would deprive and deny these institutions of the specific rights including …

Secured Creditor Can File Winding Up Petition Despite Obtaining Recovery Certificate From DRT: SC [Read Judgment]
6 years, 1 month ago

Secured Creditor Can File Winding Up Petition Despite Obtaining Recovery Certificate From DRT: SC [Read Judgment]

Live Law  

The Supreme Court has held that a secured creditor can file a winding up petition even after obtaining a decree from the Debts Recovery Tribunal and a recovery certificate based thereon. The bench comprising Justice Rohinton Fali Nariman and Justice Navin Sinha dismissed appeals against Bombay High Court judgment that had rejected the contention that once a secured creditor has …

Borrower Can Prefer Appeal To DRT Even If Mortgaged Property Belongs To Guarantor: Chhattisgarh HC [Read Judgment]
8 years ago

Borrower Can Prefer Appeal To DRT Even If Mortgaged Property Belongs To Guarantor: Chhattisgarh HC [Read Judgment]

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It is nowhere provided that when secured asset belongs to the guarantor, only the guarantor can prefer an appeal and not the borrower, the court said.The Chhattisgarh High Court, in Manik Mehta vs. UCO Bank, has observed that even when the secured asset belongs to the guarantor, the borrower can also prefer an appeal to the Debt Recovery Tribunal.In the …

Appeal Before DRT Maintainable Even If Amount Involved Is Less Than Rs 10 Lakh: SC [Read Judgment]
8 years, 4 months ago

Appeal Before DRT Maintainable Even If Amount Involved Is Less Than Rs 10 Lakh: SC [Read Judgment]

Live Law  

The Supreme Court in State Bank of Patiala vs. Mukesh Jain, has held that the Debt Recovery Tribunal has jurisdiction to entertain an appeal as per Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, even if the amount involved is less than Rs 10 lakh.A bench comprising Justice Anil R Dave …

Appeal Before DRT Maintainable Even If Amount Involved Is Less Than Rs 10 Lakh: SC [Read Judgment]
8 years, 4 months ago

Appeal Before DRT Maintainable Even If Amount Involved Is Less Than Rs 10 Lakh: SC [Read Judgment]

Live Law  

The Supreme Court in State Bank of Patiala vs. Mukesh Jain, has held that the Debt Recovery Tribunal has jurisdiction to entertain an appeal as per Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, even if the amount involved is less than Rs 10 lakh.A bench comprising Justice Anil R Dave …

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