DRT Legal Solutions
(Debts Recovery Tribunal Legal Solutions) is an India based
Law Firm specializing in DRT, Securitisation, NCLT, Borrowers and Guarantors Solutions in Debts Recovery Tribunals,
Pioneers in Counter-claims and Damage Suits based on Law of Torts and Law of Damages
Phones (India) - Mobile - +91-930-2103689, Off. & Res.- +91-731-4049358 and +91-731-3290201
Home│Contents│Products & Services│Frequently Asked Questions│Useful Legal Material│Useful Article-Borrowers│Useful Article-Guarantors│RBI Guidelines│Notes-Law of Torts│Notes-Damages│News & Views│MiniArticles-Letters to Editor│DRT Cases Handled by Us│Useful Interactions with Clients & Visitors│Securitisation Act-Comments│About Us-DRT Solutions│Update after last Release | Useful Tips for DRT Advocates|| 138 NI Act Cheque Dishonour Cognizance Acquittal | Our US Joint Venture with Anand Ahuja Associates | NCLT, National Company Law Tribunal, BIFR, SICA | Video Interview - BS Malik, Sr. Supreme Court Advocate│Legal Forum of India│Our Attorney Associates & Well Wishers│Success & Results of Our Guidance│DRT Orders in favour of Borrowers & Guarantors│NPA, Debt due, Rehabilitation of Sick SME Industries│Our Replies to Queries on Current DRT Matters, Court Decisions etc.│Measure of damages & Calculations under Torts & Contracts│Video Interview - GC Garg, Ex-Senior Bank Official│Solar Healing, Yoga, Projector, Rebirth etc.│Swami Ramdev, Yoga Guru, Cure for All Diseases, Medical Science Revolution│Court Technologies IT Presentation Video Arguments│Archive│DRT Solutions Weekly Mail for Borrowers & Guarantors │ All India DRT Conference 2011 at Indore│Article by Ram Kishan on Management & Technology in Indian Judiciary│SARFAESI Securitisation Securitization Actar SA NPA│DRT Judgments Favourable / Useful to Borrowers│OA Dismissal - Patna HC Judgment - SA Pending
For reference of such judgments please click DRT Judgments Favourable / Useful to Borrowers
DVDs of the 2nd All India DRT Conference held on 8th and 9th Jan 11 are available these DVDs contain goldmine of useful information to borrowers, guarantors and their advocates
We are pleased to inform that 5 DVDs and 1 CD of the said Conference are available at a token price of Rs. 1000=00. This amount is peanut compared to that spent by the participants who came from far off places like Cochin, Kolkata, Chandigarh, Chennai etc at their own expenses, stayed at Indore and paid the participation fee of Rs. 4500=00 per head.
These 5 DVDs are complete video record of the whole conference and are gold mine of the current information on:-
(a) Securitisation Act, important questions and answers, practical aspects of stay and trial in DRTs,
(b) Important court judgments and their applications,
(c) Court procedures and critical applications,
(d) Bank documents and their inspection,
(e) Legal maxims and their applications,
(f) Important provisions of Constitution and PILs,
(g) Present state of Indian Judiciary, problems and solutions,
(h) Application of modern management and technology etc.
We have provided in one CD complete audio record of the whole conference so that one can listen the same on i-pod. As a whole these DVDs and the CD provide the most latest and useful knowledge to the borrowers and guarantors as well as their advocates.
Our Client wins in Securitisation Appeal against 4 Banks in DRT amount involved nearly Rs. 90 crores and a tooth & nail fight of 4 years
Our Weekly Mails are DRT Guide and gold mine of practical information for the borrowers and guarantors :- The visitors of this web site particularly Borrowers and Guarantors will be immensely benefited by our weekly mails, all previous issues from 1st one till the last one may be viewed by clicking Drt Solutions Weekly Mail for Borrowers & Guarantors Separate web pages have been created to contain these mails in batches of 10 so that pages open up fast. These mails are DRT Guide and gold mine of information on current topics giving lot of practical suggestions and comments. Any new comer to this site must go through all the weekly mails right from the issue no 1 to the latest. If possible please spread the reference of this web site and the weekly mail among the persons, borrowers and guarantors who are the bank victims. If anyone desires to get these mails regularly, he may write to us for inclusion of his e-mail ID in the regular mailing list. The weekly mail is issued on every Friday morning 6 AM. The particular issue of the weekly mail is first published on the web site and then mails are sent. These weekly mails have become quite popular among the borrowers and guarantors in the country as we are getting huge no of mails appreciating the same. We welcome suggestions for improvements as well as the topics on which more information is required.
Important Announcement - Video Arguments presented in Indian Court for the First Time :- We are pleased to announce that on 10th October 2007, proposed 'Computer Presentation' was held for the first time in the country by Mr. Ram Kishan before Hon'ble District Judge, Indore and the 'Video Arguments' were submitted and shown to the said Judge on 15.10.07. Thus a history has been made in the Judicial Management in our country. We have prepared two DVDs, one showing the method and system for such presentation, its advantages with a practical application. Another DVD showing the actual presentation before the District Judge, Indore on 10th October 2007. we have prepared an article titled 'Computer Presentation & Video Arguments' vide click here Court Technologies IT Presentation Video Arguments
DVDs containing Video Record of DRT Conference at Indore and Chennai:- All the proceedings were video recorded and the DVDs containing the same are available. Any one desiring to have the DVDs may send through e-mail their postal address, name of the company, and if possible details of the pending DRT case or Securitisation case and the amount involved, name of concerned person and his contact details including phone nos etc. to us. During these conferences, eminent DRT experts using PowerPoint Presentation dealt with all the aspects of Bank Litigations and Borrowers Defence. The participants from all over the country were highly impressed and benefited from the knowledge thus gained.
Important Victory of Our Client against Bank:- One of our important clients at Chandigarh who filed damage suit of Rs. 1825 crores against a public sector Bank on 13.01.05 registered an important victory on 03.03.07 when the Court waived the entire court fee despite all opposition by the defendant Bank. The alleged dues of the Bank are Rs. 30 crores. Since the damages are much more than the alleged claim of the bank, no recovery action can be executed till the said damage suit is finally decided. The usual delay in the litigation does not affect our client as the damages are increasing day by day due to interest charges at rate which is much higher than the increase in the alleged claim of the bank. The said damage suit was drafted by us and all necessary advice and guidance was provided on all dates of proceedings.
Counter-claim is the only defence for the borrowers against Notice under Securitisation Act and or Original Application under the DRT Act:- Under the present provisions of law, the only legal defence for the borrowers is Counter-claim giving quantum of loss and damages suffered due to wrong doings of the lenders. The pleadings must be prepared by a person having mastery of facts and mastery of law. The documents such as project report, application for financial assistance, loan sanction letters, correspondence, balance sheets, annual reports need to be referred to properly keeping in view the law of pleadings, law of torts, law of damages, principles of natural justice, equity and good conscience. If you are unable to get such pleadings prepared, our professional services may be utilized. With our drafting of pleadings, you get additional advantage of expert advice during course of litigation from beginning to end. Since our clients are from all parts of the country and due to our focussed attention, you get complete and exhaustive guidance. All our clients are having upper hand over the lenders. In many cases the lenders have come forward to waive total interest and settle at fraction of the principal amount. In one of the cases, the proposal of the lender is to waive the total claim provided the borrower withdraws the damage claim, which the borrower has declined.
Counter-claim must be prepared much in advance of of the Notice under Securitisation Act or filing of the Original Application under the DRT Act:- The counter-claim or damage suit must be prepared much in advance of the recovery action initiated by the lender. The most appropriate stage is as soon as the lender declares the unit as NPA. The said counter-claim or damage suit must be ready before the lender issued Notice under Securitisation Act or files Original Application is filed by the lender in DRT. With such advance action only, the counter-claim or the damage suit will attain proper quality standards from legal considerations. As soon as the legal Notice from the lender under Securitisation or DRT Act is received the said counter-claim or damage suit is updated and filed before expiry of the Notice Period. Since prima facie there is no debt due, the lender can not take any action for the possession of the assets till the litigation pertaining to the said counter-claim or damage suit is decided by the court of law. Even if any attempt is made by the lender to take possession, the property can not be sold. Further steps in the DRT should be as outlined in the next para.
Winning bank litigations in DRT:- The first step is perfect pleadings drafted by a person having mastery of facts and mastery of law. The borrower must setup his counter-claim in money value based on law of damages and law of torts. In almost all the cases, the counter-claim is much more than the claim of the lender. These are the condition precedents before commencement of litigation in DRT. The next important step is thorough preparation of the case by the borrower as well as his advocate much in advance of the commencement of the trial in DRT. The borrower and his advocate must prepare at least 7 days before the date. In case the counter-claim has been drafted by us, the outcome of the said preparation must be discussed with us on phone so that our guidance is also available prior to the date. The proceedings on the date must be properly recorded in the DRT. All the relevant facts must be obtained much before the arguments and through preparation must be made. No arguments be held at any stage till all the facts are discovered. Long dates should be resisted. With proper alertness and vigilance by the borrower who must work in unison with his advocate in advance will ensure winning bank litigations in DRTs. It must be understood that the battle is long drawn, time consuming and expensive. Even after winning in DRT, the borrowe and his advocate will have to work hard in facing the appeals in ADRT, High Courts and Supreme Court. If the pleadings are drafted by us, we provide all guidance from DRT to Supreme Court.
We receive lot of queries seeking our replies, opinion and common queries used to be replied as under but now the same are covered in our Weekly Mails. Queries prior to 2006 are given below only as a historical importance.
and comments on matters of current interest. Some of these queries also emanate from various forums and groups relating to bank, drt, financial institutions, appellate drt, civil courts, high courts and supreme court and various decisions of these courts. While we reply to individual queries, we thought it proper to reproduce our replies here also so that it benefits other visitors of this site. Date wise queries and replies are as under :-
Transfer of Ownership or Sale of Unit should include Fair Compensation to the Original Promoter :-
It is observed that in most of the cases, the original Promoter invests much more than the Promoter's Contribution. Not only he spends all his own financial resources, he borrows privately from his relatives and friends to keep the project alive during the long drawn process of rehabilitation. On account of any reason, if the the ownership of the unit is transferred or the unit is sold, the Original Promoter must get fair compensation from the New Owner. If there are any wrong doings on part of the lending banks and financial institutions, the Original Promoter must raise his counter-claim. Since in most of the cases, the said counter-claim is much more than the claim of the lenders, the ownership of the unit can neither be transferred nor the unit can be sold.
Calculations of NPA, Debt Due and Rehabilitation Plan should include the factor of Loss and Damage during the period under consideration:-
The lending banks and financial institutions are required to be just, fair and reasonable in calculating the NPA, Debt Due and Rehabilitation Assistance. This is binding on them as per the Constitution of India as well as several in conformity with the law laid down by the Supreme Court of India. Normally they do not do so. The affected borrowers and guarantors should insist for the same. If such considerations are made, the factor of loss and damages caused by the lending banks and financial institutions must be included in the calculations of NPA, Debt Due and Rehabilitation Assistance. The entire scenario of debt recovery will undergo a sea change. In the pleadings prepared by us for our clients, we incorporate these vital aspects.
Official Liquidator vis-a-vis Recovery Officer:-
The above functionaries respectively are created out of Companies Act and DRT Act. Their functions, duties and responsibilities are defined under the said acts. The role of the Official Liquidator commences after the Company has been wound up. Whereas the role of the Recovery Officer starts after the issue of the Recovery Certificate by the DRT. Thus the jurisdiction, functions, duties and responsibilities of both are entirely different. If any change is desired, the same can be brought only after suitable legislation amending the corresponding enactments. In most of the present cases of winding up or issue of the recovery certificates, it is observed that such actions can not take place if the lenders have caused any wrong doings resulting into industrial sickness. In such cases if proper pleadings including counter-claim are made, the company deserves to be rehabilitated instead of being wound up or getting recovery action initiated.
Third Party rights in the properties auctioned by the DRTs:-
The person taking the possession of the property which is subject matter of disputes under adjudication with DRTs must conduct thorough search with the Registrar or such agencies where ownership rights of the property are recorded as per law. It is the duty of the person transferring such property towards the person receiving such property. Further it is the duty of the owner of the property to ensure that ownership details are recorded with legally prescribed agencies. In light of these principles, the buyer of such properties or taking on rent, proper precautions must be taken before taking physical possession of such properties. If there are lapses, civil and or criminal cases must be filed against the wrong doers and the matters be brought before DRT. Depending on the facts of the individual case, the DRT will have to pass suitable order which if not found acceptable, the affected person will have to appeal to ADRT and then to the HIGH Court/Supreme Court. In the specific case of borrower and guarantor being suffering and interested party, the only and most appropriate defence is counter-claim in DRT or damage suit in civil court against the lender as emphasized in this web site. Since in almost all the cases, the said counter-claim or the amount in the said damage suit are much more than the claim of the lender, there is no debt due and hence the recovery action, if any ( under DRT or Securitisation Act) is illegal. Accordingly the third party rights if any on the property in question can not be disturbed.
Asset Reconstruction Companies will have to face counter-claim if wrong doings committed by the original lenders :-
As per the existing law, the ARC (Asset Reconstruction Company) steps in the shoes of the original lender the moment it takes over the assets. Such ARC must know that while taking over the assets, it has to take over the liabilities also. If the borrower has filed counter-claim or damage suit against the original lender, after transfer of the assets, the said counter-claim will have to be faced by the said ARC. If the borrower has not filed counter-claim, he should file it now before the Civil Court.
Role of DRTs in Revival and Rehabilitation of Sick Units:-
The courts including DRTs, Civil Courts or Supreme Court award their findings or verdicts depending on the facts brought out before them. On their own these courts have no authority, power or jurisdiction for any executive action like reviving or helping in revival of the sick units. The Recovery Officer or the Commissioners appointed by him are supposed to act always keeping in view the principles of equity, justice and good conscience. If they commit any wrong doings in the process of sale, auction etc., the person committing wrong doings will be caught and punished if the sufferer ensures that the prescribed process of law is followed and implemented.
The role of revival and rehabilitation has been entrusted to different authorities specified in SICA Act 1985 and now to the NCLT (National Company Law Tribunal)
The suffering or dissatisfied borrowers and guarantors have the only remedy of counter-claim in DRT or damage suit in civil court.
Accusation for Delaying Tactics by the Borrowers in DRTs :-
It is stated that the High Courts have commented that the defendant borrowers in DRTs are indulging in delaying tactics. This normally happen when the defendant borrowers and guarantors facing the usual financial stringency of a sick unit as a result they are unable to fight DRT battle properly. This may not happen when such borrowers study our web site and handle the battle with personal involvement with their advocate. The situation improves when they get pleadings and counter-claim drafted by us. As emphasized in our web site that the pleadings must be drafted by such persons who have mastery of facts and mastery of law before he commences drafting of the pleadings. Here comes our role. We scrutinize all documents, project report, financial application, appraisal reports, sanctions for financial assistance, documents executed, disbursal process, actual disbursals, correspondence including various litigations, balance sheets etc. Based on all these documents, the pleadings and counter-claim is prepared and filed. In all such cases, it is found that the lenders are unable to submit their written statements in time and they seek adjournments. The whole table is turned and the lenders indulge in so called delaying tactics. In all cases, their accounts are defective. They take months and even years to rectify their errors. They are unable to submit suitable defence to the counter-claim. This is the power of knowledge and command of litigation process with mastery of facts and mastery of law. Many of our clients under our guidance has exposed the lenders that they committed wrong doings by delaying the sanctions, not disbursing the loans in time, not enhancing the limits, huge delay in enhancements, all such wrong doings resulting into sickness, not curing the sickness etc. With such approach, the lenders find very difficult to fight with our clients and try to indulge the usual delaying tactics. Thus the whole table is turned.
Supreme Court verdict in the case of Indian Bank vs ABS Marine:-
The Supreme Court of India has upheld the right of the borrowers to file countersuit or damage suit against the lender in civil court. In almost all the cases, the damage claim of the borrower is much bigger than the lender, the execution of the claim of the lender will have to wait till the said suit in civil court is fully decided. The said counter-claim can also be adjudicated upon in DRT. if on account of any reason, if it is transferred from DRT to Civil Court, the position in respect of the execution of the lender's claim will remain the same. We have been upholding these views since 2001 as laid down in this web site since then as well as in our articles and letters to editor published in the Financial Express since 2001. As a whole, the principles of equity, justice and good conscience continue to remain applicable in any court whether it is DRT or Civil Court. Since at present the judicial process is expensive and long drawn, such cases can only be fought by the borrowers who can mobilize financial resources to fight court battle and due to such litigants only leading judgments will come, which will be useful to other suffering borrowers and guarantors.
Litigation between Lenders and Borrowers and Problems of Stressed Assets in India:-
(1) Lot of brainstorming interactions and open exchange of views are required if we are really keen to solve the genuine problems of all the stake holders in a project.
(2) The litigation between a borrower and a lending institution like a bank is just like a fight between a sick child and a wrestler. If the principles of equity, justice and good conscience are applied, in the very first instance, such fight should not be allowed to be initiated.
(3) Despite above, if such fight is to be initiated, the child needs to be supported and equipped with fundamentals and skills required for the proposed fight. This has been our approach.
(4) Keeping above in view, our views are as under:-
The established judicial process is quite strong provided it is implemented properly. First stage is the pleadings which should be drawn by the person having mastery of facts and mastery of law. The pleadings must contain the counter-claim. The erring bank authorities including Chairman of the bank should be cross examined in the witness box again by a competent person having mastery of facts and mastery of law. If such process is followed, in almost all the cases the banks will lose and instead of recovery of their claims, they will have to pay the damages. For further details, kindly study contents of our web site.
(5) The purpose is to start a dialogue for the defendants borrowers and guarantors. Those who will be interested will come forward with queries which will be replied suitably. The subject is so vast and that is why I give reference to my web site as it is not possible to elaborate due to shortage of time.
(7) It is needless to mention that our web site www.drtsolutions.com occupies top ranking in various search engines in numerous categories on account of which there are more than 1000 hits per day. We have clients all over the country and they are slowly winning their battles.
Our Replies to Queries prior to May '06
Justice is Supreme. Procedures, Provisions of Law and Machinery of Law have to aim at getting Justice :- In a democratic society like ours which is ruled by Law, the Supreme Court of India has held that Justice is Supreme. Even the law bends before Justice. The procedures are handmaid of Justice. The natural corollary is that the complete court machinery like Civil Courts, DRTs, High Courts and Supreme Court including their Judges exit and have to work only achieving Justice in each and every case in most efficient manner. The established judicial process is quite strong provided it is implemented properly. First stage is the pleadings which should be drawn by the person having mastery of facts and mastery of law. In the specific legal defence of the borrowers and guarantors in DRTs, the pleadings must contain the counter-claim. Then the erring bank authorities including Chairman of the bank should be cross examined in the witness box again by a competent person having mastery of facts and mastery of law. If such process is followed, in almost all the cases the banks will lose and instead of recovery of their claims, they will have to pay the damages.
Proof by Affidavit in DRT is not sufficient in most of the cases where it calls for examination of Bank Officials :- In almost all the cases of our clients, we have observed that the affidavits filed by the bank officials do not offer complete proof. Hence the said bank officials including the Chairman and the Branch Managers need to be examined and cross-examined in the witness box. The defendants must be vigilant and careful to ask for the same. The cross examination of the bank officials must be carried out by a person having mastery of facts and mastery of law. The entire cross examination of the bank officials must be video taped and submitted as document in form of the CD. Then only the defendants can be sure to win their cases including the counter-claims. We offer our professional services in conducting such cross-examination.
Affidavit on behalf of the Bank must be signed by the Chairman:- The Branch Manager and other officials of the Bank may submit affidavit on their behalf but the affidavit on behalf of the Bank must be signed by the Chairman of the Bank.
NPA, Debt due and Rehabilitation of Sick SME Industries:- At present there is gross mistake in calculation of NPA and Debt due and accordingly the Rehabilitation Plans of the potentially viable sick industries are also wrong. We point out these deficiencies in individual cases of our clients.
Affidavits for our clients:- Few of our clients have started approaching us to prepare their affidavits as they find that their advocates are not having required spare time for such technical job. You may also approach us for this specialized service.
Cross Examination of Bank Officials:- Many of our clients find that their advocates are not having sufficient knowledge to cross examine the bank officials like Bank Managers and Chairmen of the banks and financial institutions and approached us for such highly specialized service. In fact we are uniquely suited for the same due to our focussed and specialized knowledge and experience in this field.
Competent Advocates available for DRT Delhi, DRT Mumbai, DRT Allahabad, DRT Chandigarh and DRT Jabalpur:- competent Advocates specializing in DRTs are available for DRT Delhi, DRT Mumbai, DRT Chandigarh and DRT Jabalpur. Clients in these regions will have advantage of our specialized and expert knowledge.
Counter-claim can be filed at any stage:- We have prepared counter-claim even during winding up of the companies, after the final order of the DRT or at any stage of the trials in DRTs or ADRTs. We need one and half to two months time for preparation of counter-claim. If there is no such time available, we devise legal methods to gain time. Goal of any litigation or legal procedure is attainment of Justice. We help the borrowers and guarantors to get Justice at any stage of litigation.
Importance and Essentiality of proper defence for borrowers and guarantors:- Whole case can be fought and won only when proper defence has been made right from the beginning. Such defence should be made by person having mastery of facts and mastery of law. Here facts refer to those applicable to the individual case with thorough understanding of banking, business and industrial finance and their violations as well estimate of loss and damages based on project report and balance sheets. The law refers to all the relevant laws applicable to banking and finance right from 1949 as well as law of torts and damages. We are acclaimed expert and specialized agency to prepare such defence with uptodate current knowledge due to handling of such matters from clients all over the country. A phone call will help you in solving all problems relating to DRT, ADRT, BIFR, NCLT, Securitisation Act etc.
Cross-examination of bank officials:- Evidence and cross-examination of bank officials including the Chairman and Branch Manger is highly essential. The sole aim is to get admissions of the wrong doings. Once the wrong doings have been admitted in the witness box by the bank officials, the borrower/guarantor has won the case as there is no arguments on admissions even upto the stage of Supreme Court. Such cross-examination of bank officials is highly technical and it requires mastery of facts and mastery of law. We have requisite expertise in this arena. The parties desiring us to conduct the cross-examination, may contact us on phone for necessary further action.
Supreme Court Judgments:- Many of our clients and visitors of this site approach us for Supreme Court and High Court Judgments. We would like to inform them that judgments are available only on those matters and facts which have been adjudicated upon. Many of the issues relating to industrial and business finance have not yet been brought before the judiciary and hence no judgments will be available on the same. The counter-claims based on the law of torts drafted by us are being put before the judiciary for the first time. These matters and facts need to be processed during proper judicial process by way of proper pleadings, cross examination and arguments. The judgments thus obtained will go through the process of appeal by the affected party and thus all such cases will take few years to come before the Supreme Court and then only the final judgments of the Supreme Court will come. Till then we have to work on the basis of the fundamental of the law. We are following this approach in tackling all DRT problems and Solutions whether in DRT, ADRT, High Courts, BIFR, NCLT in future and Supreme Court.
Right to Information Act 2005 It is a an epoch making legislation for public including industrialists and business people to obtain informations from the government and its instrumentalities regarding the duties and responsibilities towards public and their customers. This act will prove to be a powerful tool in tackling DRT problems and finding solutions.
Our Client wins against Bank, DRT Mumbai declares possession of factory illegal under Securitisation act:- in the matter of M/s Aarti Cables vs Bharat Co-operative Bank, the PO DRT Mumbai passed an important judgment on 16.09.05 against the bank declaring the possession of the factory under Securitisation Act as illegal.
Video CD containing Interview of Mr. B.S. Malik, the Supreme Court Advocate, on Bank Litigations and Counter-claim - edited, split and indexed into 18 clips with synopsis for most user friendly applications :- This video interview (edited and split into 18 clips in the same CD) will be immensely useful to industrialists, borrowers, guarantors, chartered accountants, advocates, lawyers and bank litigants in DRTs. The details and the synopsis of the said 18 clips can be seen by clicking the page Synopsis Video Interview - BS Malik, Sr. Supreme Court Advocate These small clips can be noted and replayed before colleagues and lawyers. Mr. Malik, in simple language explains legal concepts behind industrial finance, bank litigations and counter-suit. This CD will enable the viewers to communicate with their advocates in a more meaningful manner.
Formation of 'Indian Legal Forum for Industrialists and Businessmen':- With our approach not only the borrowers and guarantors can have winning fight with the wrongful lenders, but the process of such legal fight can be more efficient and quick if certain aspects can be brought under legislation. The same are pointed out in new page in this web site which can be visited by clicking here Indian Legal Forum for Industrialists & Businessmen Instead of litigating in each and every case, such common aspects can be legislated. This may take few years provided efforts are made now. Kindly discuss among industrialists and businessmen and mail your views.
Our Computer Cell for checking of Accounts has started functioning:- Our Accounts Cell headed by an ex-Bank auditor (experience 38 years) has started functioning. You get your entire account checked up and certified by him. Invariably in all cases, the accounts filed by the banks are defective and illegal and thus the very debt due for the purpose of DRT and Securitisation becomes questionable requiring rework and refiling, a difficult task for the banks and financial institutions. Please contact us for the details and charges through e-mail firstname.lastname@example.org As a whole one may approach us for all DRT Problems and Solutions
Cross Examination of Chairmen of Banks or FIs is a must :- You get only one and last opportunity for trial in DRT. In RBI Guidelines, the Chairman of the banks and FIs have been held specifically responsible. You must make them a party, in pleadings mentioning that you would be cross examining them. Go to their offices and make video recording of the cross examination. Be very strict on this aspect as the legislation has made appeal nearly next to impossible to expect any relief.
Simultaneous recovery action under DRT Act and Securitisation Act barred:- As per the recent amendment in DRT Act, the banks will have to first withdraw the case before DRT in order to initiate action under the Securitisation Act vide news item titled 'Banks seek amendment to debt recovery act of 1993' in the Financial Express dated 11th January 2005. Our detailed comments were published by the Financial Express in its net edition dated 19.01.05 and may be seen at the bottom of the said news item. The same comments have been reproduced and can be seen by clicking at Securitisation Act-Comments
Bombay High Court rules in Borrower's favour in respect of Notice under Securitisation Act- On 6th Sept. '04, the Bombay High Court ruled in favour of the Borrowers, canceling the impugned notices under the Securitisation Act. vide details and our comments by clicking here :- Securitisation Act-Comments The bank will have to return the properties taken in possession under the Securitisation Act.
DRT rules in Borrower's favour, asks Bank to pay Damages- Vide news item at page 8 of the ET dated 17.07.04 with the title as "It's a first, DRT rules in borrower's favour, asks bank to pay damages" This is the first time under the Securitisation Act that a bank has lost a case against a borrower in DRT. The bank has been asked by DRT Mumbai to return the secured property back with per day damages as well as cost of the appeal preoceedings in DRT. Please vide details and our comments by clicking here :- Securitisation Act-Comments
Important Questions and our Answers in respect of Securitisation Act- A leading Financial Association of the country has asked 6 important questions and desired to publish the answers in form of our interview. The said questions and answers can be seen by clicking here:- Securitisation Act-Comments The visitors and readers my interact by sending e-mails to us.
Cooperative Banks and not Societies are covered under Securitisation Act- The Central Govt. has already issued a notification on 28.01.03. The Bombay High Court also decided accordingly vide details by clicking here :- Securitisation Act-Comments
Progress of counterclaim of Rs. 1864.14 crores filed by one of our clients at Indore facing alleged recovery of Rs. 69.23 crores in DRT Jabalpur:- The DRT counterclaim was drafted by us and the case was filed in December 2002. The details may be seen by clicking here DRT Cases Handled by Us The party has reported that the applicant bank is finding difficult to fight the court battle in DRT. Instead the bank has become jittery and is troubling the party and is creating hurdles in getting finance from other banks. It is indulging in further wrong doings amounting to defamation, about which the party has reported to DRT. The party has given us the assignment to prepare their affidavit, They also desired that we should conduct the cross examination of the bank officials at appropriate time.
DRT Legal Solutions
Attorneys at Law of Torts, Injury and IPR Claims
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Contact Information :- Phones (India):- Mobile- +91-930-2103689, Off. & Res.- +91-731-4049358 and +91-731-3290201, Online Chat Yahoo Messenger - ID - ramkishan_drt - time to be fixed in advance on phone.
Popularity of our web site :- The key word for search of our website is 'drt' or any phrase commencing with 'drt' We are on the top in Google Search for 'drt' among 28,60,000 results globally. In most of the search engines like yahoo, msn, google, excite, altavista, mamma, alexa etc., To verify, you may visit www.yahoo.com, www.msn.com, www.rediff.com, www.indiatimes.com, www.altavista.com, www.google.com, www.excite.com, www.hotbot.com, www.123india.com, www.aol.com, etc. Our reference appears in www.economictimes.com, www.amazon.com, www.financialexpress.com, www.lawcrawler.com, www.findlaw.com, www.law.com, www.supremecourtofindia.com, www.supremecourtonline.com,
(2) We have created a separate web site www.usindolegal.com which deals exclusively with our US joint venture enterprise for activities like BPO, legal BPO, DRT etc. This site has started appearing in the search results of Google, Mamma, Alexa and Yahoo.
Application of Law of Torts in claiming Damages from Municipal Corporations for demolition of structures, closure of shops etc:- In many parts of the country, the Municipal Corporations are demolishing structures like shops and houses which existed for number of years. The shops existing for number of years are proposed to be shut down. The affected persons should claim Damages under the Law of Torts, which would be substantial. It is learnt that in Delhi itself about 5 lac shops are to be closed down and about 25 lac persons would be out of jobs. All these persons should file damage suits in the civil court. Since the damages would be substantial, the suits may be filed as Indigent Persons. Since the damages would attract interest, the usual delay by the civil courts will not affect the final outcome. The affected shop owners may discuss the details with us on phone.
Our Articles for Borrowers and Guarantors:- Our articles on DRT matters have been published in the Financial Express. The All India Manufacturers Organisation in its famous web site www.aimoindia.org has reproduced copies of our four articles. These original articles can be searched in the archive of the Financial Express in its web site www.financialexpress.com Two of these articles have been reproduced in other pages of this web site.
Useful link www.WorldVideoBusiness.com :- WorldVideoBusiness-WVB® is a business to business e-marketplace source of international trade leads, and tender opportunities from companies and government organizations around the globe.
About Us in Brief :- (1) We specialize in DRT (Debt Recovery Tribunal) and NCLT (National Company Law Tribunal) matters. As a whole you may approach us for all DRT Problems and Solutions as well as matters connected with ARCIL i.e. Asset Reconstruction Company (India) Limited, We have a Joint Venture with an America based law firm for various activities like BPO, legal BPO and DRT. The details of the said American firm and the joint venture may be seen at the page - Our US Joint Venture with Anand Ahuja Associates or in www.usindolegal.com (2) For your all problems including those in DRT, please phone us or send e-mail. Please give your contact details along with your problems in brief. As a whole you may approach us for all DRT Problems and Solutions. (2) With our Legal Opinion, you need not worry about the Securitisation Act or other DRT matters or NCLT. Please visit the page Products & Services and Frequently Asked Questions (3) On account of our expertise in the Law of Torts and Banking and experience past 15 years, we can help you to submit suitable defence with winning strategy in DRT cases, Securitisation Act, Guarantors' defence etc. (4) We need only copies of all available documents to render our expert 'Legal Opinion' which will be quite useful and valuable to you particularly in DRT i.e. Debt recovery Tribunal. (5) We have also handled assignments for preparation of damage claims against Electricity Boards, Insurance Companies, Municipal Corporations etc. all on the basis of the Law of Torts. (6) The DRT counterclaims is to be prepared well in advance so that it could be raised at proper time in DRT or other forum to safeguard the securities and assets. (7) Several DRT counterclaims drafted by us are being handled by different advocates at DRT Mumbai, DRT Delhi, DRT Jabalpur etc. Thus DRT advocates are available in these cities. Cases in other Debt Recovery Tribunals are under process. (8) This site is updated monthly mostly on every first Monday of the month or for urgent release on any day with latest material. (9) For further details about us, please visit the page About Us-DRT Solutions As a whole you may approach us for all DRT Problems and Solutions. We hail from the place to which Maharishi Mahesh Yogi and Acharya Rajnish belong and hence this site is dedicated to them.
Our this web site is dedicated to Yoga Rishi Baba Ramdev Ji Maharaj:- Our this web site is respectfully dedicated to Yoga Rishi Baba Ramdev Ji Maharaj whose method of Pranayam has cured even incurable diseases and thus has revolutionized modern medical science. For further details please visit our special page by clicking here Baba Ramdev Ji Maharaj, Yoga Guru, Cure for All Diseases, Medical Science Revolution
Site also dedicated to:- (1) Swami Ramdevji, Acharya Balkishan and their Guru Pradumn Maharaj.
We regularly practice TM and SCI of Maharishi Mahesh Yogi. We also regularly practice Hath Yoga including Pranayam based on Baba Ramdev Ji Maharaj. We daily watch his global TV program on Astha Channel from 05:30 AM to 8AM and 8PM to 9PM Indian Standards Time. On Sanskar channel, we daily view the discourse of Pradumn Maharaj from 4 AM to 5:30 AM. Many chronic diseases such as Cancer, Parkinsons' disease, Polio, Asthma, Hypertension, diabetes etc. have been cured by the said method of Pranayam which can be learnt even by watching his program on TV. Since 30th March '06, we have started practicing Sun Gazing as prescribed by HRM.
(3) Shri Satyanarayan Morya alias 'Babaji' for his praiseworthy service to our nation. Please visit his site www.artistbaba.com
Disclaimer:- We have no branch or setup other than at Indore. It is observed that some persons are using name of our firm as well as name of our web site. We have not given any such authority to anyone to do so. Under such facts and circumstances, if anybody suffers any loss, we shall not be responsible. If such instance comes to notice of someone, we may kindly be informed.
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