In this post we will discuss about DRT Petition for return of deposited amount to auction Purchaser wherein the Supreme Court has settled the law that not only the Borrower but even the auction purhaser can approach DRT under Section 17 of SARFAESI Act if he is aggrieved by any of the measures taken by … Read more
In this post we will discuss a DRAT appeal wherein it was held in the following case that the view that notice to the borrower under rule 8(6) of the Security Interest (Enforcement) Rules, 2002 is a mandatory requirement laid down by the statute, and failure to issue such a notice would vitiate the auction … Read more
In this post we will discuss about a case wherein the the petitioner had obtained a house loan of Rs. 37 lakhs. Subsequently, on account of default in payment, a notice under Section 13(2)of the SARFAESI Act was issued demanding from the petitioner the defaulted amount. Sabu Varghese George vs Authorized Officer on 16 March … Read more
In this post we will talk about the procedure for auction of property by bank if the borrower fails to pay his debt. M/s Sajjan Chemicals Corporation and Another v. Punjab and Sind Bank NAME OF THE COURT- Debts Recovery Appellate Tribunal, Delhi DATE OF DECISION- 13th January, 2020 NAME OF THE PARTIES- Petitioners- M/s … Read more
In this post we will discuss about the the deposit amount under section 21 of Recovery of Debts due to Banks and Financial Institutions Act, 1993 fo filing an appeal in Debt Recovery Appellate Tribunal. Neeraj Kumar Vaidya v. Punjab National Bank and Others NAME OF THE COURT- The High Court of Himachal Pradesh, Shimla … Read more
This post talks about Jurisdiction of AFT CAT , NCLT DRT, High Court Chandigarh & District Court across tricity with relevant statute and weblink of the same. JURISDICTION OF VARIOUS COURTS/ TRIBUNALS/ JUDICIAL BODIES Supreme Court The Supreme Court has an original and exclusive jurisdiction to decide on disputes between the states or the centre … Read more
A petition was filed under rule 7 of the Insolvency and Bankruptcy Code for initiating corporate Insolvency resolution process. Petitioner was involved in manufacturing of pulp, paper, duplex board etc.The corporate applicant was declared Non- Performing Asset (NPA) after the sanctioning of loan on 31.3.2011. State Bank of India had issued a notice on 28.5.2011 … Read more
This post is a case digest on writ petition against the orders of DRT in Punjab and Haryana High Court wherein petitioners have challenged the order dated 22.06.2018 passed by the Debt Recovery Tribunal-III, Chandigarh by which the Securitization Application filed by the petitioners was dismissed as not maintainable on the ground that the petitioners … Read more
In an appeal filed before DRAT, appellants were required to first deposit a pre-deposit amount of 50% of the amount in question. Appellants challenged the same requirement before the High Court were appellants pleaded that the amount in question is a very huge amount and almost 70% of which is already be recovered by an … Read more
When borrowers cannot pay promised interest or principal on time, creditors can initiate steps to recover debt. Bankruptcy laws determine the process by which recovery proceeds. This note describes and discusses some features of the recovery process in India, focusing on debt recovery tribunals (DRTs) and debt recovery appellate tribunals (DRATs). We touch upon the … Read more
This post is a case digest on Securitization Application in DRT to Redeliver the Possession to guarantor since the demand notice u/s 13(2) was bad in law, also the amount calculated is incorrect as of considering principal amount & interest as it is settled adjudication of amount cannot be done in Sarfaesi Act. Different accounts … Read more
This post is a judgment digest on condonation of delay petition in drt chandigarh for the states of punjab haryana jammu & Kashmir himachal pradesh where the provision of Section 14 of the Act of 1963 shall not be applicable before the DRT and the petition stands dismissed. Here is the judgment : Also read- Whether DRT … Read more
With the ever growing economy of our country, borrowings from banks and financial institutions have also been increasing and have more and more complicated , with the increased borrowings it is only natural that there have been a increasing number of defaulters, hence it is only natural for the need of an existence of a … Read more
A security interest is a type of lien or enforceable claim created on collateral, usually to obtain a loan. A security interest is usually provided by the borrower in certain assets, which gives the lender the right to repossess all or part of the property if the borrower fails in making payments. The lender further … Read more
Debt Recovery Tribunal Chandigarh was made with the purpose of recovering debt from NPA’s declared under RBI Guidelines. As per obligation dated 06.09.2018, the recurring jurisdiction of DRTs has been increased from Rs. 10 lakhs to Rs. 20 Lakhs under the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993. Also Read- DRT … Read more
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