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 .