Section 5A SARFAESI ACT, 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.

Section 5A SARFAESI ACT, 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.

Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.—
(1) If any financial asset, of a borrower acquired by a securitisation company or reconstruction company, comprise of secured debts of more than one bank or financial institution for recovery of which such banks or financial institutions has filed applications before two or more Debts Recovery Tribunals, the securitisation company or reconstruction company may file an application to the Appellate Tribunal having jurisdiction over any of such Tribunals in which such applications are pending for transfer of all pending applications to any one of the Debts Recovery Tribunals as it deems fit.1[5A. Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.—(1) If any financial asset, of a borrower acquired by a securitisation company or reconstruction company, comprise of secured debts of more than one bank or financial institution for recovery of which such banks or financial institutions has filed applications before two or more Debts Recovery Tribunals, the securitisation company or reconstruction company may file an application to the Appellate Tribunal having jurisdiction over any of such Tribunals in which such applications are pending for transfer of all pending applications to any one of the Debts Recovery Tribunals as it deems fit.”
(2) On receipt of such application for transfer of all pending applications under sub‑section (1), the Appellate Tribunal may, after giving the parties to the application an opportunity of being heard, pass an order for transfer of the pending applications to any one of the Debts Recovery Tribunals.
(3) Notwithstanding anything contained in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), any order passed by the Appellate Tribunal under sub-­section (2) shall be binding on all the Debts, Recovery Tribunals referred to in sub‑section (1) as if such order had been passed by the Appellate Tribunal having jurisdiction on each such Debts Recovery Tribunal.
(4) Any recovery certificate, issued, by the Debts Recovery Tribunal to which all the pending applications are transferred under sub‑section (2), shall be executed in accordance with the provisions contained in sub‑section (23) of section 19 and other provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) shall, accordingly, apply to such execution.]

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

  • Criminal Law
  • Banking Law/DRT (Debt Recovery Tribunal)
  • Civil Law
  • Family Disputes
  • Consumer Laws
  • Service Law/Service Matters
  • Company Law/NCLT (National Company Law Tribunal)
  • Motor Accident Claims
  • Property Law

Have a Question about your banking DRT Case? Schedule a Consultation with DRT Advocate.

We offer initial consultations over the telephone and in person at no cost.

Talk to Advocate Anoop Verma directly
tel:+919463742964

Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

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