held that disputes which are to be adjudicated by the DRT, under the DRT Act
Page No.# 5/27
are not arbitral, as the DRT ... held that disputes which are to be adjudicated by the DRT under
the DRT Act are not arbitral, as the DRT Act was a complete
Financial
Assets and Enforcement of Security Interest Act, 2002 (SARFAESI
Act ). It was ruled that the DRT constituted under the RDDBFI Act
has jurisdiction ... initiated under Section 13 of the Act are
challenged. The Act had been enacted in 2002, whereas the DRT
Act had been enacted
matters in the
realm of the DRT, and therefore, they are barred under Section 18 of the
DRT Act.
11. Heard Mr.T.M.Hariharan ... which can be granted only by
the DRT as seen from Section 17 of the DRT Act. Therefore, according
to her, the decision rendered
SARFAESI Act, or
action taken under Section 14 of SARFAESI Act, can apply to the DRT
under Section 17(1) of the said Act ... analysis of the provisions of the DRT Act shows that primary
object of that Act was to facilitate creation of special machinery for
speedy recovery
that transfer under Section 31 of the DRT Act is automatic and the
registry merely performs the ministerial act of transfer of papers ... considered in the light of provisions of Section 31 of DRT Act
along with ruling of the Apex Court in Hara Parbati Cold Storage
Supreme Court in the case
of Vidya Drolia (supra), the DRT Act is a complete
Code in itself and recovery of money is provided
under ... DRT Act . However, the same is not
the case with respect the RERA Act . The recovery of
money under the RERA Act
SARFAESI Act stage, the Petitioner-firm can
file application under Section 17 of the SARFAESI Act.
The DRT can go into the aspect of classifying ... Act, 2002 challenging the Bank's actions. The Act
provides a detailed mechanism under Section 17 , whereby the
Petitioner could have approached the DRT
powers of the
Debt Recovery Tribunal ("DRT") under the DRT Act , it was
observed: (SCC p. 141, para 18)
"18. On analysing ... power of the DRT conferred by the DRT
Act and the principle enunciated in the present judgment, we must
overrule the judgment of the Full
power of the DRT conferred by the DRT Act and the principle
enunciated in the present judgment, we must overrule the judgment of
the Full ... which holds that matters
covered under the DRT Act are arbitrable. It is necessary to overrule
this decision and clarify the legal position
above, observations in Transcore on the
power of the DRT conferred by the DRT Act and the principle
enunciated in the present judgment, we must ... which holds that matters covered under the DRT Act are
arbitrable. It is necessary to overrule this decision and clarify the
legal position
