Advocate Allahabad High Court
Best Anticipatory Bail Advocate Allahabad High Court,Allahabad High Court based in Prayagraj Uttar Pradesh
The Debt Recovery Tribunal (DRT) is a specialized court that deals with cases related to the recovery of loans and debts. It was established in 1993 under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993. The main objective of the DRT is to provide an expeditious and efficient mechanism for the recovery of bad debts.
When a borrower fails to repay a loan, the lender can initiate legal proceedings against the borrower to recover the debt. Under the RDDBFI Act, the lender can file a case with the DRT for the recovery of the debt. The DRT has the power to issue recovery certificates and attach the property of the borrower to recover the debt. The borrower can also file a counterclaim with the DRT if they have any objections to the claim of the lender.
Bank loans are a common form of financing in India, and they are offered by various public and private sector banks. The State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, and Punjab National Bank are some of the major banks in India that offer various types of loans such as home loans, car loans, personal loans, education loans, and business loans.
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is an important law that governs the recovery of loans in India. The SARFAESI Act provides a framework for the recovery of bad debts by banks and financial institutions. It allows banks to take possession of the security provided by the borrower and sell it to recover the debt.
The SARFAESI Act also provides for the creation of asset reconstruction companies (ARCs) that can purchase non-performing assets (NPAs) from banks and financial institutions. The ARCs can then take steps to recover the debt from the borrower or restructure the debt and sell it to investors.
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is an important law that governs the recovery of loans in India. The SARFAESI Act provides a framework for the recovery of bad debts by banks and financial institutions. It allows banks to take possession of the security provided by the borrower and sell it to recover the debt.
The SARFAESI Act also provides for the creation of asset reconstruction companies (ARCs) that can purchase non-performing assets (NPAs) from banks and financial institutions. The ARCs can then take steps to recover the debt from the borrower or restructure the debt and sell it to investors.
Century Law Firm is one of the best law firms in Delhi that specializes in DRT and DRAT cases. The firm has a team of experienced and skilled lawyers who have a deep understanding of the legal and regulatory framework governing the recovery of bad debts in India.
The lawyers at Century Law Firm have represented various clients in DRT and DRAT cases, and they have a track record of success in recovering bad debts. They have a deep understanding of the SARFAESI Act, the RDDBFI Act, and other laws and regulations that govern the recovery of bad debts in India.
Century Law Firm provides end-to-end legal solutions for DRT and DRAT cases, including legal advice, drafting of legal documents, representation in court, and enforcement of recovery certificates. The firm has a strong network of professionals, including chartered accountants and valuers, who can provide valuable inputs in DRT and DRAT cases.
Borrowers who have taken loans from banks or financial institutions are often in a vulnerable position when they are faced with a default or non-payment situation. The lender can take various steps to recover the dues, such as filing a case in the DRT or invoking the provisions of the SARFAESI Act, which gives the lender the power to take over and sell the borrower’s secured assets. This can be a traumatic experience for borrowers who may not know their legal rights or the options available to them.Banking institutions and financial organization often face challenges in recovery of loans advanced by them to specific individuals or company entities. Due to this, the banks and monetary organizations are restraining on their own from advancing out loans. There was a requirement to obtain a system that is efficient recuperate the mortgage from borrowers. This resulted in the creation of Debt Recovery Tribunals (DRTs) after the passage of Recovery of Debts because of Banking institutions and Financial Institutions Act (RDDBFI), 1993. DRTs handle the full situations in regard to disputed loans above Rs. 10 lakhs. Debt Recovery Appellate Tribunals (DRATs) handles the appeals arising out of the orders of DRTs. Currently, there are 33 DRTs and 5 DRATs employed in India in order for recovery of loan from borrowers, the banks and financial institutions had to register a suit in the civil courts. The suit was decided and tried as per the provisions of Civil Procedure Code (CPC), 1908 which would be long and complex.
Advocate Shashank Shekhar Dwivedi have long and outstanding experience in the field of criminal law. Our Senior Lawyer have long experience in dealing with Criminal Cases Likes, FIR Quashing, Anticipatory Bail, Regular Bail, Arrest Stay, Fir, Complaint Case, Bail and trail Advocate Shashank Shekhar Dwivedi is the best Advocate allahabad high court.
One of the most common ways in which banks recover bad loans is through the SARFAESI Act, which stands for The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The SARFAESI Act allows banks and other financial institutions to auction residential or commercial properties to recover loans. The act was introduced in India in 2002 to help banks and financial institutions recover loans from defaulters by enabling them to enforce security interest without the intervention of the court. The SARFAESI Act empowers banks to take possession of the assets offered as security and sell them to recover the loan amount. It also enables banks to issue notices to the borrowers demanding payment of the loan, and seize and sell the assets without the need to obtain court permission.
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