Under the SARFAESI Act, 2002, a mandatory 30-day notice must be served to the borrower before an auction, as per rule 8(6) of the Security Interest (Enforcement) Rules, 2002. Failure to serve this notice violates statutory requirements, often rendering the auction void. Borrowers can appeal DRT decisions to the DRAT within 30–45 days. In this post we will … 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. Supreme Court already has held that Borrower Has To Pre-Deposit 50% Of The “Debt Due” In Appeal Under Section 18 … Read more
You can file a Writ Petition in the Punjab & Haryana High Court in Chandigarh against a bank for DRT matters, especially if the bank’s actions under SARFAESI Act are discriminatory or violate fundamental rights, but generally, the primary remedy is an appeal to the DRT (Debt Recovery Tribunal) under Section 17 and then DRAT (Debt Recovery Appellate Tribunal). The High Court intervenes … Read more
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