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BankDRT:: Debts Recovery Tribunal ( DRT, DRT Auctions, DRT Act, DRT Rules) SRFAESI Act

India's GDP Gros at 20.1% for Q1 of 2021-22. If it holds India could be on the way for USD 5 Trillion economy. [20210831]



India’s Foreign Reserves Breached $600 Billion. [20210816]



Vijay Mallya's Kingfisher House, valued at Rs. 150 crore was sold at just Rs 52 crore. [20210815]



Bank’s claim under SARFAESI Act will prevail over State Govt.’s claim under State Excises Act. SC [20210819]



Retail, wholesale trade brought under MSME. [20210705]



The Union Cabinet has approved a ₹6.29-lakh crore relief package to help the revival of the economy battered by Covid-19. [20210705]



Ujjivan Small Finance Bank MD And CEO, Nitin Chugh, Resigns. This is second high level resignation from the Bank. The Bank is said to be facing NPA and other challenges. [20210820]



SARFAESI Act will prevail over Rent Act where Tenancy claim is not supported by Registered Instrument. : Supreme Court. [20210817]



Hallmarking of Gold jewelry is now mandatory from June 16, 2021. Do not buy or sell any jewelry if it is not hallmarked. [20210705]



Special court allows PNB plea for release of Nirav Modi’s assets. [20210816]



NCLT Chennai has rejected the one-time settlement offer made by Siva Industries and ordered that the company will go into liquidation. [20210816]



The Enforcement Directorate has attached assets worth over ₹ 134 crore of an India-Norway joint venture company in connection with a money laundering case linked to an alleged Gujarat Maritime Board scam. The properties attached are valued about Rs. 1,34,38,00,000 [20210816]



The Enforcement Directorate has arrested a Chartered Accountant for helping Shakti Bhog Foods Ltd in fudging the books of accounts and defraud Banks to the tune of Rs. 3269 crores. [20210816]





Plan for Digital Currency lest you may perish.

The Reserve Bank of India is likely to start experimenting with Digital Currencies   by about December 2021. MSME Units and Start Ups  must get ready to adapt for doing business via Digital Currencies, as otherwise they may suffer heavily and may perhaps even perish.

 

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Revenue Recovery Act can be invoked to execute decrees: Kerala High Court

Banks can resort to Revenue Recovery Act to recover their dues even as their execution petition is pending before the civil court. Both the acts are mutually exclusive and there is no illegality if both the modes are resorted to simultaneously.

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Don’t litigate as a reflex action.

The moment a Notice is received from a Bank, most borrowers simply litigate as if in a reflex action. A good advocate will help you understand the best way out of a situation, and, in a  most profitable way out.

Read Full Article...


Should MSME units be worried when RBI fines a Bank?

When Reserve Bank of India (RBI) fines a Bank what does it signify to the common man.  What should MSME Units do?  Is it a cause of concern? Should they be worried?  Will it effect their business?  We examine the issues.

 

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Metro Exporters P. Ltd. & Another v. State Bank of India & Others

Decision by Supreme Court of India

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Ram Kishun & Ors. vs. State of U.P. & Ors.

Only so much of asset should sold as is necessary to repay the debt.  Sale of excess assets is fatal to the auction.

Long possession should not be disturbed as the auction purchaser could have made substantial investments on the land and constructed buildings etc.

While challenging a auction sale, it is necessary that all persons who were party to the proceedings, at any stage should,  should be made party to the case. Leaving out parties would be fatal to the case and the Court cannot proceed to hear  the case.

 

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Bharat International & Anr Vs. State Bank of Travancore & Anr.

Consumer Disputes Redressal Forum can hear a complaint of a person, against whom the DRT has passed an order of Recovery

The issue before the National Consumer Disputes Redressal Commission is different from the one before the Debt Recovery Tribunal

The Consumer Dispute Redressal Forums cannot hear complaints on the amounts decreed by the Debt Recovery Tribunals.

Read Full Judgment...




Hot Trending Topics


Don’t litigate as a reflex action. Plan it properly

Caught with its pants down, HSBC Bank agrees to pays $ 101 million to ward off criminal proceedings.

Do you have a dedicated lawyer on call? Try this scheme.

Do you know tenants cannot be evicted under the SARFAESI Act?








More Articles from our Archive

DRTs can vary rates of interest even in compromised matters.

Death of a borrower will not effect proceedings intiated under SRFAESIA

Complicated recording of evidence has to be done by DRTs

Limitation for enforcing foreign judgments is three years.

Decks cleared for proceedings against former PO DRT Ahmedabad.
FAQ on BANKING OMBUDSMAN

1. What is Banking Ombudsman Scheme?
2. Who is a Banking Ombudsman?
3. Where all is Banking Ombudsman located?
4. Does the Banking Ombudsman scheme cover credit card issues?
5. How is Banking Ombudsman different from a Consumer Court?

Read Full FAQ...


FAQ on COUNTER CLAIMS

1. What are Counter claims before the Debts Recovery Tribunal?
2. Do I have to pay a fee for filing my counter claim application before the Debts Recovery Tribunal?
3. I expect the Bank to file an application against me in the Debts Recovery Tribunal. Can I file my counter claim in the Debts Recovery Tribunal in anticipation of the bank filing an claim against me in the DRT?
4. I want to file an application against the Bank in the Debts Recovery Tribunal under Section. 17(1) of the SRFAESI Act. Can I include counter claim against the Bank in this application?
5. What should the counter claim before the Debts Recovery Tribunal be based upon?

Read Full FAQ...


FAQ on CONSUMER COURT

1. How are consumer courts different from Debts Recovery Tribunal?
2. Can a borrower go to Consumer Court?
3. Can one approach the Consumer Court even as the case is pending before the Debts Recovery Tribunal?
4. Can the same issues be raised before the Consumer court as were raised before the Debts Recovery Tribunal?
5. Can the amount arrived at by the Debts Recovery Tribunal be discussed before the Consumer Court?

Read Full FAQ...