Debt Recovery Tribunal (Procedure) Rules, 1993

Standard Chartered Bank filed a Section 19 application before the Debt Recovery Tribunal (DRT) to recover a debt of about Rs 191 crore from MSTC Limited. After the DRT allowed an intervening application, the respondent appealed, withdrew the appeal, and then filed a review petition under Rule 5A, which was dismissed fo…

The Supreme Court examined the constitutional validity of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended) after the Delhi High Court had struck it down as violative of Article 14 and as eroding judicial independence. The Court held that Parliament has the competence to enact the Act…

Allahabad Bank filed a suit under the Recovery of Debts due to Banks and Financial Institutions Act, 1993, seeking recovery of Rs 46.54 lakhs from three respondents and applied for a temporary injunction restraining them from drawing money from Mis. Braitewaite & Co. The respondents refused to accept notice of the inte…