Banking Law-SARFAESI Act-DRT has power to decide application for restoration of SA, dismissed in default.

Banking and Taxation lawyer

The issue involved in the present petition is as to: “Whether the Debts Recovery Tribunal has power to dismiss an application, filed under Section 17(1) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, in default and further as to whether an application for restoration of application dismissed in default, is maintainable ?

The question is answered in positive. It is held that application for restoration of an application filed under Section 17(1) of the SARFAESI Act, which is dismissed in default, is maintainable for the Tribunal.

CWP_14283_2017_29_11_2017_FINAL_ORDER
Share withShare on FacebookTweet about this on TwitterShare on LinkedInPin on PinterestShare on TumblrShare on RedditEmail this to someone

Leave a Reply

Your email address will not be published. Required fields are marked *