Legal Question in Banking Law in India

DRT set aside our application under securitisation act
Bank issued securitisation u/s13(2)we submitted ots proposal to our bank.Bank directed us to deposit 5%of compropise amount.we deposited said amount though a little delayed.Bank accepted it.we also reqested not to initiate Sarfaesi action inview of the deposited amount.No acceptance or rejection letter was sent though bank retained our deposit.subsequently bank took possesion. We filed application to DRT As follow-Bank did not supply statement of accounts from start of account.Demand was in excess to actual outstanding.Possession taken and inventory recorded wasnot in order.Estimated value not recorded.However drt allowed bank to go for auction but sale to be confirmed with the permission of DRT only.Sale yet to be confirmed.Bank purchased assets it self at reserve price fixed by bank but violated Rule9(3).However PO gave the judgement in favour of bank.As per SARFAESIact if any of the rule is voilated action shall be set aside.But in our case PO ignored all and favoured the bank.under the circumstances what action should can we take.Can we file a criminal case or a writ in high court. Pls Reply Urgently n oblige

Asked on 5/08/09, 2:03 am

6 Answers from Attorneys

Vivek Mapara Vivek N. Mapara

0 users found helpful

0 attorneys agreed

Re: DRT set aside our application under securitisation act

Against the Order of DRT, you have option to prefer appeal before DRAT (Appellant Tribunal)

You can file writ in high court also, but chances are less that High COurt would entertain the petition in view of the alternative remedy of DRAT.

I can help you to sought out the problem. At present i am handling one of such similar matter in DRT Gujarat, wherein we have obtained Stay Order.

Feel Free to Contact.

Answered on 5/08/09, 3:12 pm

Mark as helpful

J. Radhakrishnan independent Practice

0 users found helpful

0 attorneys agreed

Re: DRT set aside our application under securitisation act

File an appeal to DRAT and get stay. If u don't succeed, file a writ petition under both Arts.226 and 227 of the Constitution of India. Get proper assistance from local lawyer reputed as well versed in these matters. No use in putting up these problems in this forum

Answered on 5/09/09, 12:14 am

Mark as helpful

Fahri Toga TOGA//OKSUZ

0 users found helpful

0 attorneys agreed

Re: DRT set aside our application under securitisation act

We think that we can help you to solve your affairs forthwith, please send us your documents or write an detailed e-mail in order to notify the circumstance. We checked over the documents thereafter, we will return your added phone number,e-mail or address,as soon as.

Answered on 5/08/09, 3:19 am

Mark as helpful

Pranav Desai PD Legal & Associates

0 users found helpful

0 attorneys agreed

Re: DRT set aside our application under securitisation act

You should file an appeal.

Answered on 5/08/09, 6:52 am

Mark as helpful