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

Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)



Committee on Asset Reconstruction Companies invites views and suggestions from stakeholders



Pre-pack insolvency for MSMEs: it differs from corporate insolvency resolution process and it's key features



Reserve Bank of India constitutes a Committee on functioning of Asset Reconstruction Companies (ARCs) and review of regulatory guidelines applicable to them



Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses



Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package



RBI Asks Banks To Create ‘Covid Loan Book’ To Support Health Sector





Constitutional Validity of SARFAESI Act of 2002 tested under ‘Mardia Chemicals vs. UOI’



Relaxation provided by Ministry of Corporate Affairs amid Covid -19 in view of difficulties arising due to the resurgence of Covid-19, there were general circulars issued by the Ministry of Corporate Affairs (MCA), in Companies Act, Limited Liability Partnership Act, 2008.



ECLGS 3.0: Hospitality MSMEs urge govt for changes in borrower status, calculation of outstanding's, more



in view of difficulties arising due to the resurgence of Covid-19, there were general circulars issued by the Ministry of Corporate Affairs (MCA) on May 03, 2021, in Companies Act, 2013/Limited Liability Partnership Act, 2008.



Govt buying from MSEs declines for second consecutive year even as share in overall procurement jumps



SBI and EIB (European Investment Bank) to invest up to Euro 100 million in Indian MSMEs focused on climate change, sustainability



PCB issues show cause notice to Flipkart and Patanjali Pey for violating provisions of the Environmental Protection Act 1986 and Plastic Waste Management Rules. [20201116a]



Magistrate While Handing Over Possession U/s 14 SARFAESI Act Not Required To Seek Permission From Company Court: SC [20201116b]



Provision of SARFAESI Act empowering DMs to attach secured assets of borrowers directory. DM is bound to hand over possession to Banks even if there is some delay in taking over possession. [20101116c]



Interim order in Writ petition challenging SARFAESI proceedings should generally not be passed without hearing secured creditors: SC [20101116d]



The Centre raps GOA government on delays in taking over possessions of secured assets by the DMs as it affects the recovery process by banks under the SARFAESI Act. [20101116e]



The Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other third-party charges, including that of state governments. [20201116f]



Fraudulent financial Applications on Google Play store cause havoc with unsuspecting people. Google removes five of them. Be careful with such Applications. [20201117a]





On-line e-Commerce sites have to compulsorily indicate the country of origin of products on display.



Competition Commission of India (CCI) ordered an investigation into the alleged contravention of the provisions of the Competition Act, 2002 (Act) by Amazon Seller Services Pvt. Ltd. (Amazon) and Flipkart Internet Services Pvt. Ltd. (Flipkart)



Government Announces Merger Of Bank of Baroda, Dena Bank And Vijaya Bank Much awaited. Without much ado. Who will miss these banks, even in short run?





Mr. Raghu Ram Rajaan, the former RBI Governor has blamed the Banks of corruption and inefficiency for the huge NPAs.





A tough message for borrowers with a proclivity for mindless litigation. Bombay HC imposes costs of Rs. 50 lakhs for frivolous litigation. Smart litigation is different from mindless litigation.



[The above snippets are from open source public domain inputs. Please cross verify from original sources]





NON PERFORMNG ASSESTS or CORRUPTION?

The former Chief Vigilance Commissioner, Sh N.Vittal, as was his wont always said things that left people red in their faces. So were his views on NPAs of Banks.

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Bank accepts Government lake as collateral!

Believe it not, its the most bizarre thing to hear. IOB Bangalore extended a huge loan to a private builder against a Government lake as collateral. And on top of it, the bank goes ahead and auctions the lake to recover the dues!!!

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Tenants cannot be evicted from a property under the SRFAESI Act

The Delhi High Court has held banks cannot use SRFAFESI Act to evict lawful tenants from a property.  The bank can take over the property and auction it off subject to rights of  Lawful tenants.

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

the case wil be preserved at the same place the suit was filed,only when post summoning and appearence of the Accused and where the the complaint remains at same place or court where the cheuqe was dishonoured. but here, the appealent recorded their statement at Pre- summning stage by filling the affidavit

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Mathew Varghese vs. M. Amritha Kumar & Ors.

Decision by Supreme Court of India: here R1 and R2 were given time to settle the loan due after the judgment in O.A in form of OTS (one Time Settlement) and later after providing certain times,the bank withdrew the option of OTS. the later R1 and R2 filed a WP in High Court where H.C provided 6 weeks of time for OTS nor to Deposit certain amount to stop Auction. but, R1 and R2 failed to do so and later after stipulated time,the bank sold the property and issued sertificate of sale and after deducting the banks amount,remaing amount was handed over to R1 and R2.then, this appeal in S.C was filed to claim they were not informed of Any Auction or no Notice were served to them and they made this Appeal to claim actual amount to be recovered from Auction Purchaser on Current market Rate. so, this Court has Ordered the Auction Purchaser to Pay the Remaing amount of Current Market after deducting the sale Consideration 

Read Full Judgment...




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More Articles from our Archive

Limitation starts on the day the loan recall notice is issued.

Arraign all the parties to secure full justice.

Can there be pre-deposit even if no debt has been determined?

Kerala High Courts fresh approach on Securitisation proceedings.

Proceedings under SRFAESIA cannot take place when BIFR is seized of the issue.
FAQ on ARREST & DETENTION

1. Can DRTs order for arrest and detention of persons?
2. What are the circumstances in which the DRT can order for arrest and detention of persons?
3. Can the Recovery officer order arrest and detention?
4. Can the Registrar order for arrest and detention of a person?
5. What is the procedure adopted by the DRTs for the arrest and detention of a person?

Read Full FAQ...