Bank loan

DRT Chandigarh Available for J&K Bank Loan Cases: GoI to HC – Jammu and Kashmir Latest News | Tourism

Excelsior Correspondent
SRINAGAR, 28th March: The High Court has today been informed that the Debt Recovery Tribunal (DRT) dealing with the Bank Loan case is available for the J&K in Chandigarh so defaulting debtors are free to apply to that court.
The divisional bench of Judge Ali Mohammad Magrey and Judge Mohan Lal has closed a batch of petitions filed by the people who failed to liquidate the amount of the loan to Jammu & Bank. These people had gone to court to challenge the Securitization and Reconstitution of Financial Assets and Enforcement of Collateral Act (SARFAESI) under which the bank is free to sue defaulters.
Since the jurisdiction to challenge the opinions of the Bank under the SARFAESI law rests with the DRT, but the lawyer for these defaulters informed the court that the said court before which the opinion of the bank is supposed to be challenged in under the 2002 Act, is not available in respect of the Union Territory of Jammu and Kashmir as such, there is no choice but to approach this Court through of this request.
Union Counsel, however, to clarify the position regarding the Tribunal’s availability in relation to the Union Territory of Jammu and Kashmir, informed the Tribunal that in terms of communication dated September 10 2021 issued by the Ministry of Finance, Department of Financial Services, Government of India, the jurisdiction of Debts Recovery Tribunal-1, Chandigarh has been extended to cases relating to the Union Territory of Jammu and Kashmir.
He further stated that as per communication dated 20th February 2022 issued by the Ministry of Personnel, Public Grievances and Pensions, Department of Personnel and Training, Government of India, Anand Sagar Narang, District Judge at the Retirement (HCS-Judiciary) stands already appointed President of Debt Recovery Tribunal, Chandigarh-1.
The Division Bench in light of these facts and circumstances and coupled with the clarification given by the Deputy Solicitor General of India regarding the Availability of Forum (DRT) prescribed by the Act 2002, has deemed it fair and proper to dispose of all petitions giving liberty to defaulting petitioners to apply to the Debt Recovery Tribunal (DRT, Chandigarh-1) constituted by the government to seek redress of their grievance(s) in accordance with the mandate of the law of 2002 within one month from today.

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