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Articles for Drt, search results for recovery

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

Charge Drt Drts 11 Drts Presiding Officers
DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan
4 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, …

Bank Tribunal Wadhawan Public Summons
Courts Or Tribunals Referring Disputes To Lok Adalat Barred From Entertaining Appeals Against Awards Passed In Such Cases: Patna High Court
4 months, 2 weeks ago

Courts Or Tribunals Referring Disputes To Lok Adalat Barred From Entertaining Appeals Against Awards Passed In Such Cases: Patna High Court

Live Law  

The Patna High Court on Tuesday held that it would be impermissible for the courts/tribunals referring a matter for settlement to Lok Adalats to examine the correctness of the award passed by the Lok Adalat. The court said that the referral courts/tribunals would also be barred from entertaining the challenge to the award passed in the Lok Adalat on the …

Court Settlement Bank Courts High Lok Bench
Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court
8 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 …

Justice High Court Court Criminal Criminal Proceedings Auction Held
When Can High Courts Entertain Writ Petition Under Article 226 Despite Existence Of Statutory Remedies? Supreme Court Explains
8 months, 1 week ago

When Can High Courts Entertain Writ Petition Under Article 226 Despite Existence Of Statutory Remedies? Supreme Court Explains

Live Law  

Observing that the High Court should exercise due care and caution while entertaining the petitions under Article 226 of the constitution even when there exists an alternative statutory remedy, the Supreme Court on Wednesday deprecated the High Court's interference in the auction sale proceedings completed by the Bank at the instance of the borrower despite having statutory remedy. Observing that …

Supreme Court Constitution High Courts Court Bank Courts Statutory
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 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 …

Properties Court Interim Prima Facie Remand Prima Interim Relief
IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court
1 year, 2 months ago

IBC | Doctrine Of Election Can't Prevent Financial Creditor From Initiating CIRP Against Corporate Debtor: Supreme Court

Live Law  

The Supreme Court has held that the 'Doctrine of Election' cannot be applied to prevent a Financial Creditor from approaching the National Company Law Tribunal for initiation of Corporate Insolvency Resolution Process against a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. As such, the holder of such certificate would be entitled to initiate CIRP, if initiated within a …

Supreme Court Corporate Financial Recovery Court Election Corporate Debtor
HC Stays DRT Order
1 year, 5 months ago

HC Stays DRT Order

Deccan Chronicle  

Hyderabad: A two-judge bench of the Telangana High Court, comprising acting Chief Justice P. Naveen Rao and Justice Nagesh Bheemapaka, stayed an order passed by the Debt Recovery Tribunal, Hyderabad, for violating principles of natural justice. He asserted in his letter that was addressed to the Chief Justice that the station house officer and others had trespassed into his office …

Justice Hyderabad Recovery Court Natural Justice Order Officer
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, 6 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 …

Jurisdiction Fraud Recovery Bank Loan Notice Rbi
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, 6 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 …

Failure Jurisdiction Constitution Recovery Court Orders Order
Government considers tweaks to reduce huge backlog at debt recovery tribunals
1 year, 7 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 …

Financial Recovery Cases Tribunals Debt Banks Borrowers
SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court
1 year, 8 months ago

SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court

Live Law  

The Supreme Court has granted relief to an auction purchaser by directing the refund of the deposit made by him, which was forfeited by the bank by invoking Rule 9 of Security Interest Rules, 2002.Rule 9 enables the bank to forfeit the deposit amount on default of the auction purchaser to deposit the balance bid amount within the stipulated time. …

High Court Recovery Court Bank Auction Rules High
Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court
2 years, 1 month 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 …

Arbitration Court Financial Institutions Delhi High Court Bar High Respondent
Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court
2 years, 2 months ago

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court

Live Law  

The Delhi High Court has ruled that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 provides a remedy in addition to the adjudication under the Arbitration and Conciliation Act, 1996 and hence, initiation of proceedings under the SARFAESI Act does not bar the arbitration of disputes. The petitioners invoked the arbitration …

Arbitration Recovery Court Delhi High Court Bank Bar Disputes
Cases Above Rs.100 Crores: Finance Ministry Notifies Exclusive DRT Benches
2 years, 2 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, …

Dated Notification Drt
Recovery Certificate Under Debt Recovery Act Is Not Limited To Winding Up Proceedings Only But Extends To IBC: Clarifies Supreme Court
2 years, 2 months ago

Recovery Certificate Under Debt Recovery Act Is Not Limited To Winding Up Proceedings Only But Extends To IBC: Clarifies Supreme Court

Live Law  

Recently, the Supreme Court in the case of Kotak Mahinda Bank Limited vs A. Balakrishnan & another has held that any liability arising out of a recovery certificate needs to be treated as financial debt within vis-à-vis clause of Section 5 of the Insolvency and Bankruptcy Code, 2016 and the holder of recovery certificate would be a financial creditor within …

Supreme Court Court Proceedings Legislature Supreme Act Limited
Sanjay Bansal & Anr. v Union of India & Ors : Delhi High Court Urged DRT Delhi To Hear The Case On Merits
2 years, 3 months ago

Sanjay Bansal & Anr. v Union of India & Ors : Delhi High Court Urged DRT Delhi To Hear The Case On Merits

Live Law  

Sanjay Bansal, a litigant, was constrained due to the non-functioning of the Debt Recovery Tribunal- I, New Delhi for several months, and therefore, he invoked the writ jurisdiction of the Delhi High Court. He complained that despite of his legitimately acquired property through a bank auction, Piramal Capital and Housing Finance Limited have issued a possession notice and further approached …

Delhi Court Petitioner Drt Piramal Capital And Housing Finance Limited
'Right To Speedy Justice Enshrined Under Article 21': Gujarat High Court Directs Expeditious Appointment Of Presiding Officer At DRT Ahmedabad
2 years, 5 months ago

'Right To Speedy Justice Enshrined Under Article 21': Gujarat High Court Directs Expeditious Appointment Of Presiding Officer At DRT Ahmedabad

Live Law  

Affirming that the right to speedy justice is enshrined under Article 21 of the Constitution, the Gujarat High Court has issued a writ of mandamus directing expeditious appointment of the Presiding Officer in the Debt Recovery Tribunal-I at Ahmedabad.The Bench comprising Chief Justice Aravind Kumar and Justice Ashutosh Shastri allowed the petition filed by an Advocate enrolled in. Affirming that …

Justice Gujarat Officer Gujarat High Court Presiding Drt Speedy Justice
Banks to take Future to debt recovery tribunal
2 years, 9 months ago

Banks to take Future to debt recovery tribunal

Live Mint  

MUMBAI : Lenders to Future Retail Ltd have abandoned plans to sue the company for the unapproved transfer of hundreds of its stores to Reliance Retail, two bankers aware of the plans said, adding that they will enforce their rights through the debt recovery tribunal and bankruptcy tribunal instead. The bankers cited above said procedures to take Future Retail to …

Recovery Assets Debt Recovery Tribunal Company Lenders Reliance Ibc
'Central Govt Has Shown Scant Regard To Hardships Of Litigants': Kerala High Court On Absence Of DRT Presiding Officer
2 years, 10 months 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. …

Kerala Recovery Court Access Title Kerala High Court Tribunals
Centre Clears Appointments Of Chairpersons In All Five 'Debt Recovery Appellate Tribunals' (DRATs)
2 years, 10 months ago

Centre Clears Appointments Of Chairpersons In All Five 'Debt Recovery Appellate Tribunals' (DRATs)

Live Law  

The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for the appointment of Chairpersons in all the Fiver DRATs.The following persons have been appointed as chairpersons in the salary of Rs.2,50,000/- p.m., for a period of 04 years, or till attaining the age of 70 years, or until further. DRAT, Mumbai Justice Ashok …

Justice Mumbai High Court Court Tribunals Debt High
Supreme Court Requests High Courts To Entertain SARFAESI, Bank Recovery Matters Under Writ Jurisdiction In View Of DRT/DRAT Vacancies
3 years 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, …

Jurisdiction Writ Jurisdiction High Courts Court Tribunals Courts Order
Delhi High Court Seeks Expeditious Appointment Of Recovery Officers In DRTs, Framing Of Rules For High Value Recovery Matters Within 3 Weeks
3 years, 2 months ago

Delhi High Court Seeks Expeditious Appointment Of Recovery Officers In DRTs, Framing Of Rules For High Value Recovery Matters Within 3 Weeks

Live Law  

The Delhi High Court has directed the Centre to ensure appointment of Recovery Officers in Debt Recovery Tribunals across India without any delay.A Bench of Justices Vipin Sanghi and Jasmeet Singh sought a status report to be filed in this regard on November 17, the next date of hearing, highlighting the progress made so far.The Bench was hearing a plea …

India Recovery Court Delhi High Court High Central Centre
'Headless, Defunct Without Qualified Incumbents': Delhi High Court Expresses Dismay Over Delay In Filling Up DRT Vacancies
3 years, 4 months ago

'Headless, Defunct Without Qualified Incumbents': Delhi High Court Expresses Dismay Over Delay In Filling Up DRT Vacancies

Live Law  

The Delhi High Court recently condemned the delay by the Central Government in appointing Presiding officers to Debt Recovery Tribunals across the country, and sought the Department's response in this regard within a week. A Division Bench of Justice Vipin Sanghi and Justice Jasmeet Singh remarked as such:".the real problem being faced by the DRTs today is that they are …

Recovery Court Financial Institutions Delhi High Court Vacancies High Committee