Legal Question in Banking Law in India

Re: Sick Industries Tribunal,Delhi

can u kindly let us know as to whether the bank has issued any notice to you under the provisions of the Securitisation Act. In view of the recent Judgment passed by the Hon'ble Supreme Court of India in Mardia Chemicals, the borrowers rights have also been protected wherein you can prefer an appeal before the DRT and seek a stay of the auction / taking over of possession. Kindly let us know the full details.You can also call on us on 080-51211322 or 080-378-18597.

Re: Sick Industries Tribunal,Delhi

With reference to your query, I find there are three option for you to adopt, one is if notice is issued under the Securetation Act you may prefer an appeal before the Debt Recovery Tribunal, Bangalore, itself and obtain a stay. Normally stay will not be granted for a fixed term otherwise on a specific instance, the second option is you may move the High Court of Madras by way of writ challenging the notice of the bank issued under the Securtation Act since the bank and yourself have already entered into an arrangement of one time settlement and you have also paid part of the amount under one time settlement arrangement and since the parties are adhered to the one time settlement the notice under the Act should be treated as bad in law, the third option is you may move the BIFR (Sick Industrial Tribunal) for declaring your industry as a sick industry by which your industry will get immunity from bankers proceedings against your industry for recovery of the debts. For further details you may contact our associate advocate Mr.Jag Mohan Dutta, Advocate, Chamber No.502, Eastern Wing, TIS Hazari Courts, Delhi 110 054, Ph. Chamber: 23913042 for moving before the BIFR