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 and Justice L Nageswara. 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. The bench set aside an order by the trial court, which had rejected an application filed by debtor under Order VII Rule 11, wherein it had held that it was not open to the Debt Recovery Tribunal to entertain the matter as the amount claimed in the suit was less than Rs 10 lakh and that the suit was maintainable. Setting aside the trial court and high court order, the court observed: “So as to know the appellate jurisdiction of the tribunal, one has to look at the provisions of the Act as Section 17 of the Act specifically provides a right to the aggrieved debtor to challenge the validity of an action initiated under Section 13 of the Act before the tribunal.” Read the Judgment here.

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History of this topic

Initiation Of Recovery Proceedings Before DRT Does Not Preclude Financial Creditor From Filing Application U/S 7 Of IBC: NCLAT
2 months, 1 week ago

Initiation Of Recovery Proceedings Before DRT Does Not Preclude Financial Creditor From Filing Application U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that initiation of recovery proceedings before the DRT does not prohibit financial creditors from filing an application under section 7 of the code. Both banks also filed applications under section 7 of the code separately out of which the application of the …

DRT May Entertain Plea Against Measures To Recover Secured Debts Beyond Limitation If Satisfied With The Reasons: Gauhati High Court
4 months ago

DRT May Entertain Plea Against Measures To Recover Secured Debts Beyond Limitation If Satisfied With The Reasons: Gauhati High Court

Live Law  

The Gauhati High Court has recently held that the Debt Recovery Tribunal has to dispose of an application under SARFAESI Act made against measures to recover secured debts by any person in accordance with Section 24 of the Recovery of Debts and Bankruptcy Act which applies the provisions of the Limitation Act to tribunal proceedings.For context, Section 24 of the …

'11 DRTs Have No Presiding Officers': Supreme Court Seeks Union's Response On PIL To Fill Up Vacancies
4 months, 1 week ago

'11 DRTs Have No Presiding Officers': Supreme Court Seeks Union's Response On PIL To Fill Up Vacancies

Live Law  

The Supreme Court today sought a response from the Union of India in a Public Interest Litigation seeking filling of pending appointments of Presiding Officers in the Debt Recovery Tribunals. As per the plea, out of 39 Debts Recovery Tribunals in the Country, nearly one third- 11 DRTs are without Presiding Officers as of September 30. Issue a writ in …

SC issues notice to Centre over vacancies in Debt Recovery Tribunals
4 months, 1 week ago

SC issues notice to Centre over vacancies in Debt Recovery Tribunals

Deccan Chronicle  

New Delhi: The Supreme Court on Monday issued notices to the Ministry of Finance on a PIL highlighting critical vacancies in Debt Recovery Tribunals across India. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar heard the submissions of Sudarshan Rajan, appearing for PIL petitioner Nischay Chaudhary, and sought the response of the Union Ministry of Finance. The …

SC issues notice to Centre over vacancies in debt recovery tribunals
4 months, 1 week ago

SC issues notice to Centre over vacancies in debt recovery tribunals

New Indian Express  

The DRTs are set up under the Recovery of Dues to Banks and Financial Institutions Act of 1993 to enable banks and financial institutions to recover bad debts from borrowers. According to the PIL, as of September 30, 2024, 11 DRTs are without Presiding Officers, severely impacting their ability to resolve cases efficiently. The PIL sought a direction to the …

Banks asked to have clear policy for debt recovery
6 months ago

Banks asked to have clear policy for debt recovery

New Indian Express  

NEW DELHI: Finance ministry has asked banks to have a clearly defined policy for small and high-value cases pending in Debt Resolution Tribunals for ‘optimising’ recovery. The ministry has also asked the banks to put in place effective monitoring and oversight mechanisms for management of pending cases in DRTs. Chairpersons of Debt Recovery Appellate Tribunals and presiding officers of Debt …

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan
7 months, 1 week ago

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan

Hindustan Times  

MUMBAI: The Debt Recovery Tribunal, a quasi-judicial body that helps banks and financial institutions recover loans from customers, has issued a public summons to Housing Development and Infrastructure Ltd promoters Rakeshkumar Wadhawan and his son Sarang, in connection with the proceedings initiated by Bank of India for recovery of an outstanding loan amount of ₹846.63 crore from their group firm, …

Local Debt Recovery Tribunal Must Be Established In Jammu And Kashmir, Says Supreme Court
7 months, 3 weeks ago

Local Debt Recovery Tribunal Must Be Established In Jammu And Kashmir, Says Supreme Court

Live Law  

The Supreme Court on Friday called for the establishment of local Debt Recovery Tribunals in Jammu and Kashmir. A bench of Justice Abhay Oka and Justice Augustine George Masih was hearing a plea by a bank against the Jammu and Kashmir and Ladakh High Court's decision allowing challenges to actions under the SARFAESI Act to be made before the High …

Supreme Court Refuses To Entertain Petition Challenging SARFAESI Condition Of Pre-deposit To Appeal Before DRAT
9 months ago

Supreme Court Refuses To Entertain Petition Challenging SARFAESI Condition Of Pre-deposit To Appeal Before DRAT

Live Law  

The Supreme Court on Wednesday declined to issue notice in a petition filed by a Company Director challenging the validity of the condition of 50% pre-deposit for an appeal to DRAT under S. 18 of the SARFAESI Act. The main contention of the petitioner was that the provisos to the S. 18 impose the condition of depositing either 50% of …

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court
11 months ago

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court

Live Law  

While quashing criminal proceedings against officers of M/s Himri Estate Private Limited and Indiabulls Housing Finance Ltd. initiated by Shipra Group, the Allahabad High Court held that defaulter cannot initiate criminal proceedings against creditor/auction purchaser against the auction conducted under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Criminal proceedings cannot be …

Easy Access To Justice A Facet Of Right To Life: J&K High Court Allows SARFAESI Actions To Be Challenged Under Article 226 Till Local DRTs Are Established
11 months, 1 week ago

Easy Access To Justice A Facet Of Right To Life: J&K High Court Allows SARFAESI Actions To Be Challenged Under Article 226 Till Local DRTs Are Established

Live Law  

The Jammu and Kashmir High Court, has ruled that the absence of Debt Recovery Tribunals within the Union Territories of Jammu and Kashmir and Ladakh violates the fundamental right to easy access to justice enshrined in Article 21 of the Constitution. “.We would hold that this Court would have jurisdiction to entertain petitions under Article 226 of the Constitution of …

Debt Recovery | Extension Of Interim Relief At The Time Of Remand Subject To Prima Facie Finding In Petitioner's Favor: Delhi High Court
1 year, 4 months ago

Debt Recovery | Extension Of Interim Relief At The Time Of Remand Subject To Prima Facie Finding In Petitioner's Favor: Delhi High Court

Live Law  

A Division Bench of the Delhi High Court recently held that an interim order granted by the Debts Recovery Appellate Tribunal during the pendency of appeal was not required to be extended in pursuance of remand, without a prima facie finding on the need for such an order. It observed: “If the same is accepted, then in every case where …

Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court
1 year, 9 months ago

Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court

Live Law  

The Bombay High Court recently held that once a secured creditor issues demand notice under section 13 of the SARFAESI Act, 2002, the civil court’s jurisdiction is barred, and any challenge to the notice comes under the domain of the Debts Recovery Tribunal. Justice MS Jawalkar rejected a borrower’s civil suit alleging that the bank violated Guidelines on Fair Practices …

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC
1 year, 9 months ago

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC

Live Law  

The Kerala High Court recently held that interim orders passed by the Debts Recovery Tribunal under 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be issued mechanically and without application of mind. On Maintainability The Court held that in cases where the Tribunal has failed to exercise its jurisdiction properly, requiring …

Government considers tweaks to reduce huge backlog at debt recovery tribunals
1 year, 10 months ago

Government considers tweaks to reduce huge backlog at debt recovery tribunals

Live Mint  

In an effort to expedite the resolution of pending cases in Debts Recovery Tribunals, the government is considering amendments to rules, including removing the clause requiring borrower approval when banks decide to withdraw debt recovery proceedings. The proposed changes would enable banks to resolve outstanding debt cases with borrowers without seeking their consent for withdrawing pending DRT cases, empowering lenders …

Union Govt’s Duty To Ensure Fully Functional DRTs On Unhindered Basis, Non-Availability Renders Litigants Remediless: Delhi High Court
1 year, 11 months ago

Union Govt’s Duty To Ensure Fully Functional DRTs On Unhindered Basis, Non-Availability Renders Litigants Remediless: Delhi High Court

Live Law  

The Delhi High Court has observed that it is the duty of the Union Ministry of Finance to ensure that the Debt Recovery Tribunals in the national capital are fully functional on an unhindered basis as their non-availability renders litigants remediless. A division bench of Justice Najmi Waziri and Justice Sudhir Kumar Jain observed that pro-active measures are expected in …

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court
2 years, 4 months ago

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court

Live Law  

The Delhi High Court has reiterated that arbitration proceedings and proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 can go hand in hand. The single bench of Justice V. Kameswar Rao held that even if a party intended to take action under Section 17 of the SARFAESI Act by filing a petition …

Bar On Civil Court Jurisdiction U/Sec 34 SARFAESI Applicable Only In A Case Where DRT/DRAT Is Empowered To Decide The Matter: Supreme Court
2 years, 4 months ago

Bar On Civil Court Jurisdiction U/Sec 34 SARFAESI Applicable Only In A Case Where DRT/DRAT Is Empowered To Decide The Matter: Supreme Court

Live Law  

The Supreme Court observed that the bar on Civil Court jurisdiction under section 34 of the SARFAESI Act shall be applicable only in a case where the Debt Recovery Tribunal and/or Appellate Tribunal is empowered to decide the matter under the SARFAESI Act.In this case, the Bank secured a property in exercise of powers under the provisions of the SARFAESI …

Cases Above Rs.100 Crores: Finance Ministry Notifies Exclusive DRT Benches
2 years, 5 months ago

Cases Above Rs.100 Crores: Finance Ministry Notifies Exclusive DRT Benches

Live Law  

The Ministry of Finance has issued a notification dated 04.10.2022, whereby the jurisdiction of Debt Recovery Tribunal has been revised. The notification has been released under Section 3 of the Recovery of Debts and Bankruptcy Act, 1993 and in supersession of the notifications of the Government of India, vide numbers G.S.R. 395 dated the 29.05.2007 and S.O.3065 dated the 26.09.2016, …

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court
2 years, 7 months ago

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court

Live Law  

Observing that the jurisdiction of the District Magistrate is limited only to assisting secured creditors in taking possession of secured assets under the SARFAESI Act, the Bombay High Court held that the DM isn't empowered to hear the borrower or third parties while deciding application filed by secured creditor. "The jurisdiction of the CMM/DM under Section 14 of the SARFAESI …

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 …

'Abuse Of Process, Frivolous Litigation' : Supreme Court Affirms Cost Of Rs 5 Lakhs Imposed On Litigant
2 years, 8 months ago

'Abuse Of Process, Frivolous Litigation' : Supreme Court Affirms Cost Of Rs 5 Lakhs Imposed On Litigant

Live Law  

Strongly criticising the filing of numerous proceedings before the tiers of forums upto the Supreme Court itself and the deliberate non-disclosure of absolutely relevant facts, the Apex Court went on to record that it was initially persuaded to initiate contempt proceedings against the Petitioner, but it is not doing so purely due to the age of the Petitioner as she …

'Central Govt Has Shown Scant Regard To Hardships Of Litigants': Kerala High Court On Absence Of DRT Presiding Officer
3 years, 1 month ago

'Central Govt Has Shown Scant Regard To Hardships Of Litigants': Kerala High Court On Absence Of DRT Presiding Officer

Live Law  

The Kerala High Court recently expressed serious concerns regarding the non-availability of the adjudicatory mechanism of Debts Recovery Tribunal in the State for over ten months despite its efforts to kick start its functioning.Justice Bechu Kurian Thomas observed that when the fundamental right to have access to justice is denied due to the absence of Presiding Officers of the forum. …

Supreme Court Requests High Courts To Entertain SARFAESI, Bank Recovery Matters Under Writ Jurisdiction In View Of DRT/DRAT Vacancies
3 years, 3 months ago

Supreme Court Requests High Courts To Entertain SARFAESI, Bank Recovery Matters Under Writ Jurisdiction In View Of DRT/DRAT Vacancies

Live Law  

Taking note of the lack of operation of the Debts Recovery Tribunals and the Debt Recovery Appellate Tribunals in many states due to non-filling of vacancies, the Supreme Court on Thursday passed an order requesting the High Courts to entertain applications under the SARFAESI under the writ jurisdiction as an interim measure. "To resolve the problem for the time being, …

Exclusion Of Advocates From Post Of DRT & DRAT Presiding Officers Challenged; Supreme Court Seeks Centre's Response
3 years, 7 months ago

Exclusion Of Advocates From Post Of DRT & DRAT Presiding Officers Challenged; Supreme Court Seeks Centre's Response

Live Law  

The Supreme Court on Monday sought the Centre's response in a plea challenging the exclusion of Advocates from being eligible for the post of Presiding Officer and Chairman, Debts Recovery Tribunals and Debts Recovery Appellate Tribunals under the Tribunal, Appellate Tribunal and other Authorities Amendment Rules, 2021. A Division Bench comprising Justice L Nageswara Rao and Justice Aniruddha Bose issued …

Centre Cannot Give Charge of a Debt Recovery Tribunal of One State to Presiding Officer of Another State: Kerala High Court
3 years, 9 months ago

Centre Cannot Give Charge of a Debt Recovery Tribunal of One State to Presiding Officer of Another State: Kerala High Court

Live Law  

The Division Bench comprising of Chief Justice S Manikumar and Justice Shaji P Chaly ruled that the Centre cannot give the charge of a Debt Recovery Tribunal of one state to the Presiding Officer of another State. The appeal was filed by Kerala Fashion Jewellery, challenging the order issued by a Single Bench of this Court that upheld a notification …

DRT Cannot Adjudicate Civil Rights Claimed Vis-a-Vis Security Interest Which Are Outside Sec 13/17 SARFAESI : Bombay High Court
3 years, 11 months ago

DRT Cannot Adjudicate Civil Rights Claimed Vis-a-Vis Security Interest Which Are Outside Sec 13/17 SARFAESI : Bombay High Court

Live Law  

A division bench of the Bombay High Court has delivered an elaborate judgment on the issue of the jurisdiction of the civil courts vis-a-vis the Debts Recovery Tribunal with respect to the security interest under the SARFAESI Act.A division bench comprising Justices SB Shurke and Avinash G Gharote was deciding the following question which was referred to in view of …

Pre-Deposit For Filing Appeals Before DRAT Is A Mandatory Requirement: Supreme Court
4 years, 1 month ago

Pre-Deposit For Filing Appeals Before DRAT Is A Mandatory Requirement: Supreme Court

Live Law  

The Supreme Court observed that entire waiver of pre-­deposit for filing appeal before Debt Recovery Appellate Tribunal under Section 21 of the Recovery of Debts and Bankruptcy Act, is impermissible.In all cases fifty per cent of the decretal amount i.e. The Supreme Court observed that entire waiver of pre-­deposit for filing appeal before Debt Recovery Appellate Tribunal under Section 21 …

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 …

SC Pulls Up Centre For Defunct Status & Vacancies In Tribunals
5 years ago

SC Pulls Up Centre For Defunct Status & Vacancies In Tribunals

Live Law  

The Supreme Court today called upon the Solicitor General Tushar Mehta & Additional Solicitor General Atmaram Nadkarni prior to the lunch hour in order to acquaint the Bench regarding the issue of ineffectiveness of working of Tribunals across the country at 2 pm. Solicitor General Tushar Mehta & ASG A. Nadkarni apprised the bench comprising Justices A.M. Khanwilkar & D. …

DRAT Cannot Entertain An Appeal U/s 18 SARFAESI Act Without Insisting On Pre- Deposit: SC [Read Judgment]
5 years ago

DRAT Cannot Entertain An Appeal U/s 18 SARFAESI Act Without Insisting On Pre- Deposit: SC [Read Judgment]

Live Law  

The Supreme Court has observed that the Debt Recovery Appellate Tribunal cannot entertain an appeal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, without insisting on pre­-deposit. The bench of Justice Deepak Gupta and Justice Aniruddha Bose set aside the judgment of the Bombay High Court that held that no. The …

Suits With Basic Relief Of Challenging Decree Passed By DRT Not Maintainable: SC [Read Judgment]
5 years ago

Suits With Basic Relief Of Challenging Decree Passed By DRT Not Maintainable: SC [Read Judgment]

Live Law  

The Supreme Court has observed that the suits with the basic relief of challenging the decree passed by the Debts Recovery Tribunal are not maintainable. The Bank filed applications to reject the plaints in exercise of powers under Order 7 Rule 11 of the Code of Civil Procedure on the ground that considering the provisions of Recovery of Debts due …

DRT Has No Power To Condone Delay In Filing Review Application Under RDB Act : SC [Read Judgment]
5 years, 1 month ago

DRT Has No Power To Condone Delay In Filing Review Application Under RDB Act : SC [Read Judgment]

Live Law  

The Supreme Court has held that the Debts Recovery Tribunal has no power to condone the delay in filing application for review under the Recovery of Debts and Bankruptcy Act 1993The Court held that the provisions of Limitation Act, including the provision to condone delay under Section 5 of it, apply only to original applications filed under Section 19 of …

Karnataka HC Dismisses Vijaya Mallya's Review Petition Against Order Directing Deposit Of Rs 3101 Crores [Read Order]
5 years, 6 months ago

Karnataka HC Dismisses Vijaya Mallya's Review Petition Against Order Directing Deposit Of Rs 3101 Crores [Read Order]

Live Law  

Karnataka High Court has rejected a review petition filed by fugitive economic offender Vijay Mallya, challenging a coordinate bench order which in turn had upheld the order by Debt Recovery Appellate Tribunal, asking Mallya to deposit a sum of Rs.3101 Crore, as a precondition for hearing his appeal against a Debt Recovery Tribunal order. On March 28, the Debt Recovery …

DRTs Not Barred From Deciding Jurisdictional Issues As 'Preliminary Issues', Says Gujarat HC [Read Judgment]
5 years, 6 months ago

DRTs Not Barred From Deciding Jurisdictional Issues As 'Preliminary Issues', Says Gujarat HC [Read Judgment]

Live Law  

The Gujarat High Court has held that the Debt Recovery Tribunals are not barred from deciding a 'preliminary issue' if it is one which goes to the root of the matter and strikes at the very jurisdiction of the Tribunal to decide the application.The bench comprising of Justice Harsha Devani and Justice Vireshkumar B. Mayani was considering a petition seeking …

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 …

S.7 IBC Application Cannot Be Rejected On Account Of "Usurious Penal Interest" Governed By Usurious Loans Act: NCLAT [Read Judgment]
6 years, 3 months ago

S.7 IBC Application Cannot Be Rejected On Account Of "Usurious Penal Interest" Governed By Usurious Loans Act: NCLAT [Read Judgment]

Live Law  

The National Company Law Appellate Tribunal has held that an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 cannot be rejected on the ground of "usurious and extortionate penal interest", which is governed by Usurious Loans Act, 1918.A bench comprising Justice SJ Mukhopadhaya and Justice Bansi Lal Bhat, in Sh. Naveen Luthra v. The National Company Law …

IBC: Pendency Of Case U/S 138 & 141 NI Act Amounts To Admission Of Debt, Not Existence Of Dispute: NCLAT
6 years, 4 months ago

IBC: Pendency Of Case U/S 138 & 141 NI Act Amounts To Admission Of Debt, Not Existence Of Dispute: NCLAT

Live Law  

The National Company Law Appellate Tribunal has held that pendency of proceedings under Section 138/441 of the Negotiable Instruments Act, 1881 cannot be considered as a dispute pending before a court of law, and hence, cannot be used as a reason for rejection of an application under Section 9 of the Insolvency and Bankruptcy Code.A bench comprising Justice S.J. The …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

Limit for filing cases in DRT doubled to ₹20 lakh
6 years, 6 months ago

Limit for filing cases in DRT doubled to ₹20 lakh

Live Mint  

New Delhi: The government on Thursday doubled the monetary limit to ₹ 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals by banks and financial institutions. The central government has raised “the pecuniary limit from ₹ 10 lakh to ₹ 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks …

‘Structure Of Debt Recovery Tribunals (DRTs) May Need Revisit’: SC Asks Centre To Look Into Suggestions Submitted By Amicus Curie
7 years ago

‘Structure Of Debt Recovery Tribunals (DRTs) May Need Revisit’: SC Asks Centre To Look Into Suggestions Submitted By Amicus Curie

Live Law  

The Supreme Court has made an observation that the structure of Debt Recovery Tribunals may need revisit taking into account the suggestion for permanent cadre, autonomous selection procedure, autonomous accountability and disciplinary mechanism, finality subject only to jurisdiction of constitutional courts, to uphold the rule of law and independence of judiciary.The bench of Justice. The Supreme Court has made an …

Auction Purchaser Can Challenge Before DRT Action Of Secured Creditor In Forfeiting Deposit Made By It: SC [Read Judgment]
7 years, 3 months ago

Auction Purchaser Can Challenge Before DRT Action Of Secured Creditor In Forfeiting Deposit Made By It: SC [Read Judgment]

Live Law  

Auction purchaser is entitled to challenge the action of the secured creditor before the DRT by filing an application under Section 17 of the SARFAESI Act, the court held.The Supreme Court, in Agarwal Tracom Pvt Ltd Vs Punjab National Bank, has held that an action of secured creditor in forfeiting the deposit made by the auction purchaser is a part …

DRT Has No Power To Condone Delay In Filing Appeal: SC [Read Judgment]
7 years, 5 months ago

DRT Has No Power To Condone Delay In Filing Appeal: SC [Read Judgment]

Live Law  

The Supreme Court, in International Asset Reconstruction Company Of India Ltd vs The Official Liquidator Of Aldrich Pharmaceuticals Ltd And Others, has held that the prescribed period of 30 days under Section 30 of the Recovery of Debts and Bankruptcy Act, 1993, for preferring an appeal against the order of the recovery officer cannot be condoned by application of Section …

DRT Has No Power To Condone Delay In Filing Appeal: SC [Read Judgment]
7 years, 5 months ago

DRT Has No Power To Condone Delay In Filing Appeal: SC [Read Judgment]

Live Law  

The Supreme Court, in International Asset Reconstruction Company Of India Ltd vs The Official Liquidator Of Aldrich Pharmaceuticals Ltd And Others, has held that the prescribed period of 30 days under Section 30 of the Recovery of Debts and Bankruptcy Act, 1993, for preferring an appeal against the order of the recovery officer cannot be condoned by application of Section …

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]

Live Law  

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 …

DRT Allows Banks To Recover Rs.6,203 Cr From Vijay Mallya, His Firms [Read Order]
8 years, 2 months ago

DRT Allows Banks To Recover Rs.6,203 Cr From Vijay Mallya, His Firms [Read Order]

Live Law  

Mallya’s claim of banks coercing him to execute guarantee can add a bit of humour value in this otherwise serious claim for recovery of thousands of Crores of public money, the Tribunal said.The Debt Recovery Tribunal, Karnataka, has allowed banks to recover Rs.6,203 crore from Vijay Mallya, Kingfisher Airlines and associated companies.Presiding Officer K Srinivasan also held that. Mallya’s claim …

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