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.

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