DRT ACT & SARFAESI ACT
DRT ACT & SARFAESI ACT
Introduction by Mr.K.Rajasekaran and he was dealing about the topic. DRT Act and SARFAESI Act.He explained the Debt Recovery laws .Government has appointed for the foreign investors Shri M Narasimhan and Shri T Tiwari Committees .He further explained how the Recovery of debts happen due to banks and financial institutions .
Borrower deals with the section 2(1)(f) of the SARFAESI Act. Important provision of SARFAESI Act .
Section 13-Enforcement of security Interest
13(1)-security interest
13(2)-Demand notice
13(4)-Possession notice
Section 14-Chief metropolitan magistrate or district magistrate to assist secured creditor in taking possession of secured assets
Section 17 -Application against measures to recover secured debts
Section 19-Application to the tribunal
Section 20-Appeal to the Appellate Tribunal
Section 34-No civil court shall have jurisdiction
Case laws
Swiss Ribbons vs union of India (2019) 4 SCC 17
Mardia Chemicals ltd vs Union of India (2004) 4 SCC 311
Transcore vs Union of India(2008) 1 SCC 125
The session was concluded with questionnaire and overall it was effective webinar .