For Banking and Financial Institution for recovery their dues.
Section 17 in The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
- Right to appeal.—
(1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter, 1[may make an application along with such fee, as may be prescribed] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measures had been taken:—(1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter, 1[may make an application along with such fee, as may be prescribed] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measures had been taken\:” 2[Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower.] 3[Explanation.—For the removal of doubts it is hereby declared that the communication of the reasons to the borrower by the secured creditor for not having accepted his representation or objection or the likely action of the secured creditor at the stage of communication of reasons to the borrower shall not entitle the person (including borrower) to make an application to the Debts Recovery Tribunal under sub‑section (1) of section 17.]3[Explanation.—For the removal of doubts it is hereby declared that the communication of the reasons to the borrower by the secured creditor for not having accepted his representation or objection or the likely action of the secured creditor at the stage of communication of reasons to the borrower shall not entitle the person (including borrower) to make an application to the Debts Recovery Tribunal under sub‑section (1) of section 17.]” 4[(2) The Debts Recovery Tribunal shall consider whether any of the measures referred to in sub‑section (4) of section 13 taken by the secured creditor for enforcement of security are in accordance with the provisions of this Act and the rules made thereunder.
(3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub‑section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the secured assets to the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in‑sub‑section (4) of section 13 taken by the secured assets as invalid and restore the possession of the secured assets to the borrower or restore the management of the secured assets to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub‑section (4) of section 13.
(4) If, the Debts Recovery Tribunal declares the recourse taken by a secured creditor under sub‑section (4) of section 13, is in accordance with the provisions of this Act and the rules made thereunder, then, notwithstanding anything contained in any other law for the time being in force, the secured creditor shall be entitled to take recourse to one or more of the measures specified under sub‑section (4) of section l3 to recover his secured debt.
(5) Any application made under sub‑section (1) shall be dealt with by the Debts Recovery Tribunal as expeditiously as possible and disposed of within sixty days from the date of such application: Provided that the Debts Recovery Tribunal may, from time to time, extend the said period for reasons to be recorded in writing, so, however, that the total period of pendency of the application with the Debts Recovery Tribunal, shall not exceed four months from the date of making of such application made under sub‑section (1).
(6) If the application is not disposed of by the Debts Recovery Tribunal within the period of four months as specified in sub‑section (5), any party to the application may make an application, in such form as may be prescribed, to the Appellate Tribunal for directing the Debts Recovery Tribunal for expeditious disposal of the application pending before the Debts Recovery Tribunal and the Appellate Tribunal may, on such application, make an order for expeditious disposal of the pending application by the Debts Recovery Tribunal.
(7) Save as otherwise provided in this Act, the Debts Recovery Tribunal shall, as far as may be, dispose of application in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and the rules made thereunder.]
| For filing the money recovery suit against the creditors.
Our lawyers and attorneys have filed numerous huge money recovery/debt collection suit before the district court and high court on behalf of individuals, Companies and financial institution to recover there debt etc. We use to file the recovery suit on the following 2 modes**: |
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| What is the Debt Recovery Suit/Money Suit under order XXXVII of C.P.C.(Suit Under Order 37 CPC)
A summary suit is instituted by presenting a plaint in the court containing the following specification ; Where the defendant enters an appearance, the plaintiff is required to serve on him the summons for judgment in Form no. “4A) accompanied with an affidavit verifying the cause of action and the amount which is claimed in the plaint, and a statement to the effect that there is no defence to the suit. winding up petition against companies due to non payment of dues or debt. A winding up petition is, therefore, not a legitimate means of seeking to enforce payment of the debt which is bona fide disputed by the company. The court is competent, in consideration of circumstances to refuse to pass an order of winding up even if the company is unable to pay its debts Winding up is a process by which the affairs of the company come to an end. It has been described as “…a process whereby its life is ended and its property administered for the benefit of its creditors and members. An administrator, called liquidator, is appointed and he takes control of the company, collects its assets, pays its dues and finally distributes any surplus among the members in accordance with their rights” Inability to Pay Debts by Companies a. Where the company fails to clear the debt of the creditor (a sum exceeding five hundred rupees) within three weeks immediately preceding the date of demand for payment being made b. Where execution or other process issued on a decree or order of any court in favour of the company is returned unsatisfied in whole or part and c. Where it is proved to the satisfaction of the court that the company is unable to pay its debts. |
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