supposed to function from another premises. However, both the
Benches continued to function from the same premises where the earlier
Bench was functioning ... alia, continue to function from the premises from where the first DRT was
functioning. However, in light of the aforesaid communication issued
legally well-
founded. In the application filed by the
appellants before the DRT, Jabalpur under
Section 22(2)(g) of the Act, there ... provision makes it clear that the DRT and the
DRAT have, for the purpose of discharging
their functions under the Act, the same powers
States of Kerala and Maharashtra respectively argued that even
though the DRT Act and Securitisation Act contain non obstante clauses suggesting
that the provisions contained ... cannot be treated inconsistent with Central legislations. Shri Dwivedi
submitted that the DRT Act and Securitisation Act have been enacted to speed up the
recovery
DRT by banks/ FIs. before
invoking the NPA Act . Section 5A indicates matters which attract the first
proviso to Section 19(1) of DRT ... required to take for assets reconstruction. Section 10 deals with
the functions of securitisation company or reconstruction company. Section
11 deals with resolution of disputes
Vidya Drolia vs Durga Trading Corporation on 14 December, 2020
Equivalent citations: AIRONLINE 2020 SC
development.
3. The Code seeks to provide for designating NCLT
and DRT as the Adjudicating Authorities for corporate
persons and firms and individuals, respectively ... Board or designate any
financial sector regulator to exercise the powers and
functions of the Board. Insolvency professionals will
assist in completion of insolvency resolution
development.
3. The Code seeks to provide for designating the NCLT
and DRT as the Adjudicating Authorities for corporate
persons and firms and individuals, respectively ... Board or designate any financial sector
regulator to exercise the powers and functions of the
Board. Insolvency professionals will assist in completion
of insolvency resolution
noted that the
Debt Recovery Tribunal, though was not functional at the time of filing the
aforesaid Writ Petitions, became so from the month ... members in DRTs and
DRATs.
He requested that the matters before DRT and DRAT can be directed to be
considered by other Tribunals like Central
development.
3. The Code seeks to provide for designating
NCLT and DRT as the adjudicating authorities for
corporate persons and firms and individuals,
respectively ... Board or designate any financial
sector regulator to exercise the powers and
functions of the Board. Insolvency professionals will
assist in completion of insolvency resolution
inclusive of 'Chief Judicial Magistrate'
functioning in a nonmetropolitan area and shall have
jurisdiction to entertain an application made by a
secured ... required to obtain a decree from a
34
competent Court/DRT before being entitled to take steps for the
purpose of enforcement of recovery
