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VIPIN SANGHI, REKHA PALLI
Edelweiss Asset Reconstruction Company Ltd. – Appellant
Versus
Secretary, Department Of Financial Services – Respondent
JUDGMENT :
VIPIN SANGHI, J
1. The petitioner, which is a financial institution, has preferred the present petition seeking several reliefs - it has prayed for the setting aside of the order dated 19.02.2021 passed by the learned DRT-II in NDN 816/2020 as also for issuance of directions to the respondent no.2 to pass appropriate orders in the Original Application vide NDN No.816/2020. The petitioner has also prayed for appropriate interim orders to be issued to respondent nos. 3-11, in terms of Section 19(3A)(c) of Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred to as “the Act”), directing them to disclose the particulars of other properties and assets owned by them to the Tribunal, in terms of the prayer contained in paragraphs 6 and 7 of the petitioner’s Original Application. The petitioner has further sought for a direction to respondent no.2 to dispose of its Original Application in accordance with the manner and time frame set out in Section 19(24) of the Act. Notably, the petitioner also seeks a direction to all Debt Recovery Tribunals situated within the jurisdiction of this Court to expeditiously dispose of all Original Applications that involve a claim amount
Neither Section 19(10A), nor Section 19(10B) make any reference to, nor make it incumbent for the Applicant to file original documents at the time of presenting the Original Application.
The main legal point established in this judgment is that the timelines for filing the written statement and counter-claim under Section 19(5)(i) of the Recovery of Debts Due to Banks and Financial I....
The authority of the Debt Recovery Tribunal to revive proceedings in accordance with the Ministry of Finance Gazette Notification dated 06.09.2018 and the availability of statutory alternative remedy....
The court clarified that there is no provision in the Recovery of Debts and Bankruptcy Act ousting the remedy of a civil suit by a defendant in a claim by the bank, and the proceedings under the Act ....
Powers of High Court under Article 226 cannot be invoked in matter of recovery of dues under Act, unless there is any statutory violation resulting in prejudice to party or where such proceedings or ....
When parties have reached a settlement in recovery proceedings, the tribunal is obligated to expedite the disposal of applications concerning the return of original title documents to ensure the effe....
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