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

UltraTech’s chances of winning the battle for bankrupt Binani Cement strengthened as lenders backed the Aditya Birla Group company's bid, although the banks have left the matter to be decided by the Supreme Court.The banks have extended conditional support to UltraTech’s bid, seeking indemnity from Binani Industries, parent of Binani Cement, against any potential litigation by a consortium led by Dalmia Bharat that had been declared the winner with a ₹6,700-crore offer.







The Central Bureau of Investigation (CBI) is seeking the support of Reserve Bank of India (RBI) to reach out to the UAE central bank for obtaining details on a dozen bank accounts in connection with the ₹6,800-crore default by the Winsome Group.







The country’s largest mortgage lender Housing Development Finance Corp (HDFC) is in advanced talks to acquire Apollo Munich Health Insurance Co for an approximate valuation of ₹1,000 crore.







Reliance Communications’ plans to sell its remaining telecom assets worth $1.5 billion to Sistema JSFC could hit a hurdle,saying the Russian conglomerate is now reluctant to buy Global Cloud Exchange (GCX), RCom’s overseas arm that holds subsea cables, on the grounds that the cable systems are old with a limited residual life.





The agriculture ministry will soon move a Cabinet note seeking approval for a new policy that aims to rope in both states and private firms in procurement of other crops than wheat and paddy, for ensuring MSP to farmers, a senior government official said. The objective of the proposed policy is to improve the speed of response and effectiveness of procurement in cases when prices drop below MSP.









Punjab National Bank (PNB), mired in the $2-billion-plus fraud that’s being billed as the biggest in Indian banking, has emerged as a major institutional buyer of dollars as it prepares to pay off the dues to overseas bank branches that had honoured commitments dubiously secured by Nirav Modi and Mehul Choksi.



What is NPA?

NPA stands for non-performing assets, a  word coined by the bankers to the refer to   accounts which have not serviced their interest component for a defined period.   The time period for an account to be declared as non-performing asset varies from PSU banks to private banks to NBFCs.

 

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NPA norms relaxed for GST registered MSN me units

The Reserve Bank Of India has relaxed  the norms for classification of accounts as Non-Performing Assets in respect of GST registered MSME units.   The time period is  now is 180 days instead of earlier being 90/120 days of delinquency in respect of loans from banks and NBFCs.

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Relief for Bank Customer under Consumer Protection Act

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Vishal N. Kalsaria Versus Bank of India & Ors.

SARFAESI Act is not superior to State Rent Control Acts

SARFAESI Act cannot be used to bulldoze a tenant out of a mortgaged property without the due process of law under the  local  rent control Laws.

Tenancy created even after mortgage is entitled to same protection as a tenancy before the mortgage.; Tenancy under un-registered agreement is equally valid;
 

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Ultra Tech Cement Ltd. versus Rakesh Kumar Singh & Anr.

Decision by Supreme Court of India

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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.

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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

Powers of DRTs are limited where Companies are under liquidation.

Guarantors have no say to seek priority of recovery.

DRTs fume at pleas for cross examination as delaying tactic.

NI 138 Notice Should be Not be Vague

In BIFR proceedings, Guarantors cannot seek better protection than the principle borrower.
FAQ on ADJOURNMENT

1. What are adjournments before the Debts Recovery Tribunal?
2. What is the difference between adjournment and condonation of delay in the Debts Recovery Tribunal?
3. What is the difference between adjournment and asking more time in the Debts Recovery Tribunal?
4. How many times can a person seek adjournment before the Debts Recovery Tribunal?
5. How to seek adjournment before the Debts Recovery Tribunal?

Read Full FAQ...