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

RBI cautions public about Fake web site mimicking like RBI to steal critical data from customers.

Government of India notifies special Courts for the States of Kerala, Orissa and Gauhati u/s provisons of S. 453(1) of the Companies Act 2013 for offences punisable for a term of 2 years or more. [SO 528(E) dated 5th February 2018]

The CBI charged celebrity jeweller Nirav Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi, all partners of Diamond R US, Solar Exports, Stellar along with some officials of Punjab National Bank in a over Rs 280.70 crore fraud case.

Options under One Time Settlement Schemes should explored right at the beginning stage itself. If the scheme doesn’t work out only then other options should be explored in consultations with experts on the subject matter.M

HSBC Bank agreed to pay a sum of $ 101 million to ward off a criminal investigation into their rigged currency transactions, causing loss to two of their institutional clients, one of whom was Indian subsidiary.

Top Jeweler & Bank Officials arrested for bank fraud.

In the sledge hammer onslaught against willful defaulters, the Central Bureau of Investigation (CBI)  arrested top jeweler, his brother, wife and some Bank Officials in bank fraud case.

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Pune Businessman Poisons Wife and 2 Daughters, Hangs Self; Suicide Note Reveals Financial Woes

A 38 years or old businessman man from Pune committed suicide by hanging after poisoning his wife (33 years old) and his two daughters aged nine and seven years old.  It is reported that the businessman took the extreme step due to financial stress being faced by him.

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Caught with hits pants down, HSBC Bank agrees to pays $ 101 million to ward of criminal proceedings

HSBC Bank agreed to pay a sum of $ 101 million to ward off a criminal investigation into their rigged currency transactions, causing loss to  two of their institutional clients, one of whom was Indian subsidiary.

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Banks bank heavily on the bankruptcy and insolvency code

The Bankruptcy and Insolvency Code (BIC) seems to be the next big thing for the Banks and FIs in their quest to resolve their NPA problems.  Economic analysts writing in News papers and discussions on news channels have expressed that the  BIC is something of a magical potion  which will transform an ugly duckling into a beautiful Cinderella girl!

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Buy assets at bank auctions only after due diligence

Due diligence is the job of ascertaining the true value of an asset is the process of due diligence. These could include market reputation, brand equity, processes, copy rights, patents, workers profile and 100s of other hidden factors that either enhance the value of an asset or reduce it.

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No money to put up for litigation? Consider indigence route!

There many instances where a person has to either defend a case or institute a case, but has no money to do so. In such situations  there is a provision to peruse his legal remedies without having to pay Court Fees. 

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Acceptance of filings in Registry and its scrutiny is a clerical/ ministerial work. It involves no judicial activity on the part of the Registry, who have no discretionary powers. The Registry works on delegated ministerial powers only. Therefore the Registry cannot reject an application on any ground.

Since SICA has been abolished matters pending before BIFR/ AAFIR would automatically stand transferred to CLT. A matter on remand from the Supreme Court to BIFR from AAFIR would also stand transferred to CLT.

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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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Ravinder Singh vs. Syndicate Bank
Where the Bank did not oppose the facts mentioned in the application when it was filed before the DRT, they can oppose it before the DRAT for the first time.
An borrower should not be made to suffer because of the omissions and commissions of his counsel.
Where a borrower has been less vigilant than he has been, ends of justice will be met if some exemplary costs are imposed but he should be allowed to present his side of the case before the DRT.

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All NPA accounts to be declared Willful defaulters?

Banks race against each other to declare Vijally Mallya as willful defaulter.

United Bank of India declares Vijay Mallya as Willful defaulter.

Other Banks may follow suit and declare Vijay Mallya as Willful defaulter.

Big debate whether the procedure for declaring a person as a Willful defaulter is judicious, transparent and non arbitrary? Send us your views

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Latches detrimental to auction

Tribunals are important mechanism for the administration of justice -SC


Tenancy has to be properly proved as per law.

Agricultural land cannot form security for SRFAESI Act.

1. What is the provision of Debt under the Recovery of Debts Due to Banks and Financial Institutions Act?
2. Does the word ?debt? has any special meaning under the DRT Act ? Does the Debts Recovery Tribunal follow different yard sticks to consider different kinds of money owed by people to the Bank?
3. Is a decree pending for execution constitute a debt before the Debts Recovery Tribunal?
4. I am only a guarantor. Can the debt of the original defaulter be held as debt against me before the Debts Recovery Tribunal?
5. I am only one of the guarantors amongst some others. Can the Bank proceed under the DRT Act or SRFAESI Act against me alone leaving the other guarantors untouched?

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