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Friday 14th November 2008
(last modified) monthly Release 150
Highlights:-
All problems of Debts Recovery
Tribunals i.e. DRT, Securitisation Act, ARCIL i.e. Asset Reconstruction Company
(India) Limited, NCLT i.e. National Company Law Tribunal
and IPR are tackled by us and solutions provided. Study of this web site will be very useful
to the borrowers and guarantors facing litigation in DRTs. People from all
over the country and abroad are phoning us, then visiting and getting solutions
to their DRT, Securitisation and related
legal problems
including IPR. Many parties are approaching us either to draft or to redraft their counterclaims in DRT. Some
need our advice on all types of DRT matters, Securitisation Act, BIFR, NCLT, sec. 138 of NI Act relating to dishonour of cheques, IPR matters
etc. We have DRT , BIFR, NCLT and Banking Accounts experts to examine the legal
and accounts as well as documents
filed by the banks and financial institutions in DRT and other court cases. Please visit other
pages of this site dealing with all these aspects and solutions relating to DRT i.e. Debt Recovery
Tribunal litigations, NCLT i.e. National Company Law Tribunal, ADRT i.e.
Appellate Debt Recovery Tribunal, BIFR, NCLT, related legal matters including
Counter-claims as well as legal process outsourcing, knowledge process
outsourcing for global clients through our associates vide joint venture web
site www.usindolegal.com
You are always welcome to approach us anytime for all DRT Problems and Solutions.
We advise advocates on use of latest video and presentation technology in office
as well as in court rooms. The key word for search of our website is 'drt'
or any phrase commencing with 'drt' for which we are on the top globally
in all the search engines .
Our Weekly Mails are DRT Guide and gold mine of practical information for the borrowers and
guarantors -
Important Topics covered in 27th issue of our Weekly Mail dated 14th Nov. '08:-
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.
Chief Justice of India informed about the ‘Video Arguments’ as
well as Chief Justice of MP High Court:-
The 'Legal Forum of India' has informed these
authorities about the 'Video Arguments' developed by us for the first time in
India vide
Drt Solutions Weekly Mail for Borrowers & Guarantors
‘Video Arguments’ - Demonstration and complete details:-
(a) For
demonstration in Mumbai, contact Mr. Haresh Gandhi M - 09322641912
(b) 'Video Arguments' developed for the first
time in India by us has been greatly appreciated by Borrowers, Advocates and
Judges. For further details, please click here
Court Technologies IT Presentation Video Arguments
First assignment of ‘Video Arguments’ completed:-
We are pleased to announce that we have completed the first
assignment of ‘Video Arguments’ for a Mumbai based client in respect of ‘Closure
of Defence’ This is again first time in India. Before dispatching the CD on
19.09.08, we have shown the same to retired Judges and Senior Advocates. They
all appreciated and commented that it will be specifically demanded by the
Advocates and Judges as it offers great facility to them. We have been working
on this development past two years and the final product has been greatly
improved. We have applied for the patent and at proper time we shall demonstrate
the same before the Chief Justice, Supreme Court of India. Latest Demo CD will
be released separately.
Important News - DVD and Text of Talk by Ram
Kishan on "Court Craft" during Indore Conference
:- The DVD No D-013 contains 3 hours of talk by Mr. Ram Kishan during DRT
Conference on 4th May '08. The text of the talk may be seen by clicking the link
DRT Conference - Text of Talk by Ram
Kishan on Court Craft
Important News - Weekly News Mail from DRT Solutions
:- There has been tremendous response to our Conference at Indore. The
participants desired that we should continue the daily mails which they were
getting for two months prior to the conference. We decided to reduce the
frequency from daily to weekly on every Friday. Hence the said weekly news mails
commenced from 17.05.08 and all the weekly mails are available at the special
page
Drt Solutions Weekly Mail for Borrowers & Guarantors
These mails are proving to be quite useful to the Borrowers and Guarantors and
their Advocates in DRTs. The subscription to these weekly mails is free. The
needy litigants and their advocates who wish to obtain these mails may mail
their name, contact phone nos,, postal address and reasons for subscribing to
these mails.
Important
News - DVDs and Audio CD of the Indore Conference - Goldmine of Information for
Borrowers and Guarantors and their Advocates in DRTs
:- The complete video and audio recording of the entire DRT Conference at Indore
(about 12 hours) is available in form of a set of 5 DVDs and 1 CD. These DVDs
and CD are gold mine of information for the defence of Borrowers and Guarantors
and their Advocates in DRTs. The topics covered are (1) Securitisation Act, (2)
DRT Act, (3) Directors' Personal Guarantee, (4) Court Craft in DRTs, (5) FIR and
practical aspects of Criminal Law, (6) Video Arguments, etc. and (7) Important
Questions and Answers on all these topics. First DVD gives in PowerPoint
Presentation the synopsis of complete conference as well as that of all the 4
DVDs. LCD clock has been used for indexing of the complete conference. Such
indexing has been done for the first time in India and it enables you to index
the complete conference recordings of 12 hours. One CD contains MP3 audio record
of complete conference. The set of 5 DVDs and CD are available at the cost to
Rs. 800=00 only. This is quite cheap compared with the cost incurred by the
participants for traveling to and fro Indore and staying there for 2 days apart
from Conference Registration charges of Rs. 2500=00 per participants. The
persons desirous of purchasing the said DVDs may deposit local cheque or cash of
Rs. 800=00 in ICICI Bank account no 004105005099 and communicate their postal
address through e-mail to us. The dispatch will be made within a fortnight.”
A sample index may be seen by clicking
DRT Solutions - DVD Index of Indore Conference
Thrilling Success Story of Our Guidance:-
A case from DRT Madurai shows as to how a bank fights against its borrower by
presenting wrong facts and is out to misuse the provisions of Securitisation Act
but the power of law is Supreme. The thrilling story in the words of the people
on the spot vide mail dated 09.04.08 copy may be read by clicking
Success & Results of Our Guidance
Important News about the All India Conference
held at
Indore on 3rd and 4th May '08 under the auspices of 'Legal Forum of India'
:- There was a tremendous response to the proposed conference. Participants came
all way long from Mumbai, Madurai, Chandigarh, Bangalore, Raipur, Hyderabad and Indore.
A group of 48
businessmen, industrialists, advocates, CAs, borrowers and guarantors attended the two days sessions commencing from 4 PM of 3rd May '08 Saturday and
full day session 9 AM to 6 PM on 4th May '08 Sunday. The details may be
seen at the separate page covering the said
conference and the said page can be reached by clicking
All India Conference at Indore
Please visit this page, inform to your friends so that maximum number of
needy and or interested persons may be benefitted by the deliberations in the conference.
Mr. BS Malik, Advocate, Supreme Court of India
had arrived on 1st May '08 evening and was present during the complete conference.
Banker's blackmail: Pay up, or you get
blacklisted with Cibil:- DNA Mumbai in its headline
story on 3rd April '08 informed as to how some of the bankers are misusing the
power and committing wrong doings in false reporting of credit ratings of
individuals and companies. Such reporting is illegal if there is any dispute
raised by the borrower. The remedy for the borrower is to approach the Bank's
Ombudsman or file an Injunction and Declaratory Suit or file FIR with police as
well as damages against the bank depending on seriousness of such wrong doing by
the bank or financial institution.
Web Sites of the Banks contain lot of useful
facts for defence of Borrowers and Guarantors:- On
study of web sites of the banks, it is found that the same contain lot of useful
facts for the defence of borrowers and guarantors. The DRT defendants must study
the web sites of the concerning banks and financial institutions and inform us
the important facts which are useful to them. We shall incorporate the same in
the pleadings. On our own, we shall also study these aspects and include in the
pleadings.
All India Conference at
Indore on 3rd and 4th May '08 under the auspices of 'Legal Forum of India'
:- There was a tremendous response to the said conference. A group of 48
participants came from Bangalore, Mumbai, Madurai, Chandigarh, Hyderabad and Indore. Mr. BS Malik, Advocate on Record, Supreme Court of India
was present during the complete conference. A separate page coveing the details about the said
conference can be reached by clicking
All India Conference at Indore
Please visit this page, inform to your friends so that maximum number of
interested persons may be benefited by the deliberations of the said conference.
All India Conference at Indore on 3rd and 4th May '08
under the auspices of Legal Forum of India'
:- Many of our clients have started getting success in DRTs and Civil courts.
they want to share their success stories. Many of them report
that the DRTs or the Civil Courts where their cases of counter-suit or damage
suit are in adjudication, the judges try to hurry up the matter, proper time is
not given, quick judgments and orders are issued, if any objection is raised,
the judge tells them to approach to higher courts for redressal if any. Such
tendencies need to be resisted by one and all. Perfect trial on every date is
important as the said proceedings are part of the foundation for the whole case.
We tell our clients that they and their advocate must prepare very well in
advance and ask the court to give them sufficient time for presentation. If the
required time can not be given, next date must be fixed. Facts and law must be
presented very well. It is the duty of the court to extend such opportunity.
When such presentation has taken place, written arguments must be given so that
there is perfect record. The order issued must be studied thoroughly well. If
there is any mistake or deficiency, review petition and appeal must be filed.
The said review petition and appeal must be fought with the same perfection.
This way alone, the litigant can think of winning their counter-claim or damage
suit against the bank otherwise not. One may say that this approach will take
lot of time. But it is said 'Justice hurried is Justice buried' Once there is no
perfect trial, you can not expect any redressal from the higher courts. This is
the way only some of our clients are achieving success. We have lot of material,
case laws and personal experiences on this particular aspect. Even we are
launching a separate web site viz.
www.legalforum.in on important aspects on trials and legislation. We intend
to hold a conference at Indore on 3rd May '08 and 4th May '08, being the
first Saturday and Sunday of May '08 wherein all our clients and their
advocates are invited and complete details, legal knowledge, case laws, actual
experiences etc. will be dealt with in detail in open gathering along with
question answers by authorities on the subject. Please communicate your consent,
number and names of persons who are expected to attend the said conference. Complete details of program, venue, travel details etc. will be
conveyed on this web site in due course of time. Please communicate your views and
requirements by e-mails to
ramkishan@drtsolutions.com with copy to
ramkishandrt@gmail.com
Video Conferencing with clients - An Important
Announcement
:- Many of our clients desire to interact with us along with their
directors/partners as well as their advocates/legal counsels etc. Visiting
Indore for their complete team is not only expensive but becomes impossible.
Hence We are planning to commence real time
interaction with the said clients and their teams by using VC (in short for
'Video Conferencing') Comprehensive plan and methodology is being drawn up and
will be published on this site shortly.
Full fledged Advocate Services
commenced - An Important Announcement
:- Most of our clients have been complaining that they are not getting proper
advocates to contest their cases in DRTs. In order to meet this long felt
demand, we have constituted full fledged Advocate Wing. It is headed by a very
senior and competent Advocate who has long and rich practical experience in
banking and industrial litigations. This wing consists of group of competent
advocates for DRTs, ADRTs, High Court and Supreme Court, retired DRT Judges,
retired Judges of different courts etc. For further details please contact us
through our e-mail or phone nos given on top and bottom of this page.
Competent Arbitrators Available
- An Important
Announcement
:- We have competent arbitrators available for arbitration on any matter in
India and abroad. Being members of Indian Council of Arbitration, New Delhi and
on panel of arbitrators in many companies as well as with their special
expertize in banking, industries and finance, they will be of immense help
specially to borrowers and guarantors facing litigation in DRTs and Civil
courts. For further details, please contact us on phone and through e-mails.
Bank officials were to be arrested, bail refused by
sessions as well as High Court, Supreme Court in its order dated 07.12.07 asks them to report to Police
Investigating Officer on
09.12.07 & interrogation to be carried out continuously for 5 days and as
and when necessary thereafter
:- Seven Bank Officials of a Cooperative Bank in Mumbai were to be arrested for
investigation in the matter of SARFAESI Act proceedings pertaining to Wings
Entertainment Ltd., one of our clients in Mumbai. The anticipatory bail
application of the said bank officials was
rejected by Sessions Judge on 21.11.07. The High Court Mumbai in its order of
26.11.07 confirmed the said order of the court below vide proceedings in the
matter of Jayant A. Joshi & others vs State of Maharashtra, Criminal Application
no 3825 of 2007. The said officials have appealed to Supreme Court. In the
hearing held on 7th December '07, the Supreme Court has asked the said officials
to report to the police on 09.12.07 and interrogation is to be carried on
continuously for 5 days and as and when needed thereafter. The investigation
report is to be submitted to the Supreme Court on 07.01.08 for the hearing to be
held on 08.01.08.
Important News - Challenging Constitutional
Validity of Securitisation Act
:- We have received an assignment to challenge the constitutional validity of
Securitisation Act. The progress of this matter will be reported on this site
from time to time.
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. The said
District Judge, Indore in his order dated 27.10.07 pertaining to MJC No 152/07
paid eloquent tribute to us for development of such system. 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
Many retired Judges and Senior Advocates have appreciated this
development and have desired earliest possible introduction in Indian Court
Rooms. Our Clients viz Mr. Rajendra Seth, Mumbai, Mr. Shishir Jhunjhunwala,
Nagpur, Mr. Sundararajan, Madurai and others viz. Mr. Narasimhan, Adv., Chennai have sent e-mails to us congratulating this
epoch making development. We are thankful to them for their kind gesture.
Accounts filed by Banks/FIs in DRT must be as per law rules DRAT Mumbai:-
In an important ruling in respect of our client vide Shri
Radhakrishna Steel and Alloys, Appellant vs Bank of Maharashtra, Respondent, the
DRAT in its order dated 28.9.07 (OA No 96/2006 of DRT Nagpur) have asked the
bank to submit accounts as per law laid down by the Supreme Court in the matter
of Central Bank vs Ravindra and have permitted the borrower litigant to file
their WS after submission of the correct accounts. We have observed that almost
in all the cases, the accounts filed by the Banks/FIs are not in accordance with
law and hence such application be moved in DRT so that first correct accounts as
per law are submitted before filing of WS and or Counter-claim.
Our Client settles at less than 5% of dues due to impact of counter-claim against Bank:-
This is just for your information that one of our clients have
settled with the bank for amount less than 5% of the total dues (nearly Rs. 17
crores) vide State Bank of Mysore vs. Akasha Textiles, OA No -
3163/2000 in DRT-II Mumbai. Such settlement
could be possible because of the impact of counter-claim as may be seen from the
client’s mail extract may be seen by clicking
Success & Results of
Counter-claims When
the State Bank of India Mysore can settle for less than 5%, other banks can also
do. Hence if there are wrong doings by the Banks, the borrowers must file the
damages and if there is any move for settlement, it must be kept in view that
the settlement should not be more than 5% otherwise it is better to contest the
damage suit or counter-claim.
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.
Case of Fabrikant (MFS), Fabrikant-Leer (FLI), Counter-claim or Damage Suit against
lending Banks:-
The said USA Corporation being one of the world's largest manufacturers and
distributors of diamonds as well as an industry leader in diamond and gemstone
jewelery including Gold Jewellery has intended to be restructured under USA Bankruptcy rules. As a
result, several Indian as well as foreign suppliers world wide have become
innocent victims being mostly unsecured creditors. We have observed that in some
cases, the lending banks have committed numerous wrong doings with such
suppliers. Under these facts and circumstances, the only remedy is filing
counter-claims in DRTs or Damage Suits in civil courts. The possibility of
redressal from the said Bankruptcy proceedings or winding up proceedings
particularly for the said unsecured suppliers is extremely remote. As stated
above, if there is any move for settlement, the same should not be more than 5%.
Technology in Court Rooms - Video Briefs and Video Arguments:-
Application of current presentation technology can tremendously improve the
quality of legal process in the court rooms including DRTs. Presentation in
Microsoft PowerPoint will help the Advocates in preparing their arguments in
advance. They can carry their notebook computers in the court rooms and present
their arguments in better manner. Their entire arguments can be videotaped and
submitted to the court in form of a CD as document. This 'Video Arguments' will be akin to
'Written
Arguments'. This will help the judges to view
and replay if necessary before writing the judgments. He can pause, play, replay
forward, backward and thus recall of the arguments will be accurate and full
which is essentially required in modern complex industrial and business
litigations. The judges need not make
any notes and the entire argument will be available to them at any time and due
to replay facility, the judgment writing will be much easier and accurate too.
Such CDs will also be helpful in appeals. With such use of the current video
and presentation technology, the quality of adjudication will improve a lot.
We have developed the entire technology and the same has been demonstrated to
the retired judges and eminent advocates. They all have appreciated the same.
This is just for information that the prisoners are being examined using the
technique of video conferencing. The questions in Lok Sabha and Rajya Sabha may
be asked by way of Electronic Presentation. In USA Supreme Court, all the
arguments are video recorded and are available on internet date wise. We have
been flooded with queries on this subject. The above is permissible under Sec 4
of the IT Act 2000.
We intend to prepare such presentation particularly
for our clients. Those who are interested further, they may visit ' Court Tech
Forum ' on internet. Many court rooms including District Courts in USA and UK
are well equipped with computers, projectors and cameras and the Advocate need
to carry only his CD for presentation. There are many private agencies who
prepare such presentations for the advocates. We can provide such services in
India. For further details on this topic please click our sspecial web page at
Court Technologies IT Presentation Video Arguments
On 9th July '07, 15,000 Judges in India have
received Laptops and they have been provided with 3 months training. We have
demonstrated the method and system before the District Judge, Indore on 10th
Oct. '07 for the first time in the country. In his order dated 27.10.07, the
said District Judge, Indore has appreciated our development. We are at the
doorstep to a revolution in Judicial Management and the transition is akin to
bullock cart to automobile.
DVDs containing Video Record of Advocates' Conference and Interactive Session at
Chennai:-
All the proceedings were video recorded and the two DVDs containing the same
were dispatched to the participants and our clients. Any
one else desiring to have the DVDs may send through e-mail their postal address,
name of the company, 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.
As already announced on this page,
Mr. Ram Kishan was in Chennai from 21st July, Saturday AN to 22nd July
Sunday '07 for the said conference. The
Advocates from South India i.e. Chennai, Madurai,
Hyderabad, Vishakhapatnam, Tirupati and an International consultant from Mumbai
participated in the Conference and Interactive Sessions with him on the matters
relating to DRT, Securitisation Act, Counter-claim etc. The sessions were held
for nearly 2 hours on 21st July and for 4 hours on 22nd July '07. During these
sessions, Mr. Ram Kishan using a PowerPoint Presentation dealt with all the
aspects of Bank Litigations and Borrowers Defence. The participants were highly
impressed and benefited from the knowledge thus gained.
Purchase of NPAs by
ARCIL and Counter-claims against the
sellers:-
The asset reconstruction companies like ARCIL are
buying NPAs from the financial institutions and banks on average price of 24%
and then they will sell at higher price. On the other hand the ARCIL will
contest cases in DRTs for 100% claims with future interest. Such intended
recoveries and earnings are much more exorbitant than the Pathans and Village
money lenders. Hence it is all the more necessary to file counter-claims against
ARCIL for the wrong doings of the lenders who should also be made parties. We
have full expertize to prepare such counter-claims.
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
focused 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 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.
Ram Kishan delivered a talk in All India Conference of Chartered Accountants:-
Mr. Ram Kishan delivered a talk on 'NPA
Recovery by Banks - Defence of Borrowers' in All India
Conference of Chartered Accountants on 25.02.07 at auditorium
of Devi Ahilya University at University Campus, Khandwa Road, Indore. The said
talk was organized by the Fiscal Laws & Corporate & Allied Laws Committee
of the Institute of Chartered Accountants of India hosted by Indore Branch of ICAI. The emphasis in this talk was
on the practical aspects and real life
solutions for the defence of borrowers. The audience was thrilled and astonished
as such points of defence were not known to them. They desire to have series of
talks on this topic. A VCD containing video clips of 'How to win Bank
Litigations' by Ram Kishan and extracts from video interviews of Mr. BS
Malik, Sr. Supreme Court Advocate, Mr. GC Garg, Eminent Banker and Mr.
Balasubramanian, also an Eminent Banker was provided to genuinely interested persons.
A CD containing the presentation will be provided to the persons who desire to
listen to the said talk.
Justice Katju states that the public can criticize the Judges on the basis of
Master and Servant relationship:-
Justice Katju of Supreme Court of India in his
Article dated 06.03.07 vide link below, published in Dainik Bhaskar has stated
that the public is supreme and the relation between the public and the
beauracracy is just like master and servant. The Judges are also part of the
said beauracracy and hence the public can criticize their conduct without
interfering with their work and duties.
Justice Katju on Contempt - Source of Legal Power in India
Our latest Article on 'NPAs, Recovery and Important Legal Aspects'
:-
This Article contains useful information for the defence of the Borrowers
particularly in the context of the latest Supreme Court Judgment. The said
article can be approached by clicking the link
NPA, Debt due,
Rehabilitation of Sick SME Industries
This article is virtually summary of this entire web site and will be very
useful to the borrowers and guarantors facing litigation in DRTs.
The Supreme Court rules
that simultaneous proceedings under Securitisation Act and DRT Act are valid:-
This ruling was given by a Bench comprising Justices
Arijit Pasayat and S H Kapadia in its 86-page judgment favouring dual remedy for
banks and FIs.
Sarfaesi Act is treated as an additional
remedy, which is not inconsistent with the DRT Act," said Justice Pasayat. "Sarfaesi
Act is an additional remedy to the DRT Act. Together they constitute one remedy
and, therefore, the doctrine of election does not apply. Therefore, we hold that
withdrawal of proceedings pending before the DRT is not a pre-condition for
taking recourse to Sarfaesi Act."
With such change in law, the Government will
again have to amend the DRT Act 1993. The only remedy left is counter-claim or
damage suits against the banks and financial institutions. Wherever the damages
are more than the claim of the lenders, the executory actions under Securitisation or DRT
Act will have to wait till the damages are finally decided. Since 2001 we have
emphasized all the aspects of filing of counter-claim or damage suits against
the lenders as this is the only remedy for the borrowers and guarantors facing
recovery actions.
The said judgment of the Supreme Court in the matter of M/s Transcore vs
Government of
India and another, Civil Appeal No 3228 of 2006 decided on 29.11.06 can be seen
by clicking the link
SC Judgment on
DRT, Securitisation, Transcore
The above Supreme Court Judgment
and our Comments:-
(1) In almost all the cases, the facts are same in both the proceedings viz DRT
and Securitisation.
(2) Hence the defence is also same
in both the proceedings. The counter-claim or damage suit will also be same. (3)
The litigant borrowers and guarantors should prepare exhaustive pleadings giving
full facts, law and damages based on law of torts and law of damages. The person
who is preparing the pleadings must have mastery over banking, finance and law.
Since we possess this expertise, our help may be taken. (4) In almost all the
cases, we have found that the loss and damages are more
than the claim of the lenders, the cases must be fought properly. (5) It is
observed that the lenders are unable to tender proper replies and hence they
must be called to witness box and cross examination conducted till the admit the
wrong doings. (6) With such approach only, one can win in DRT.
Our approach of counter-claim or damage suit against the lenders fully endorsed
by authorities:-
Two leading authorities in law and banking both
having more than 40 years of experience in law and banking have fully endorsed
our approach to counter-claim in DRTs or damage suit against the lenders in
civil courts. You may click the pages
Video Interview - BS Malik, Sr.
Supreme Court Advocate
and
Video
Interview - GC Garg, Ex-Senior Bank Official
which give the contents of the video clips of interview
with them. You
may take out the print and study the same. Listening to the video interview will
be further useful. You may select the clips for replay for discussions with your
colleagues as well as the advocates.
You may obtain the VCDs from us to listen to their views which will
be quite useful to all the borrowers and guarantors as well as to their
advocates. The counter-claim or damage suit against the lenders are the only
legal defence and we specialize in framing such defence. We have handled several
such cases throughout the country. You may contact us on phone to know further
details.
PIL to be filed against DRTs:-
One of our Clients desires to file a PIL against
the DRTs. He has observed that (1) The bank officials and their advocates are
meeting and discussing the cases with the PO in his chamber. (2) The Ministry of
Finance is calling meeting of all the POs (3) The salary and wages of the DRTs
are being met with from Ministry of Finance. These factors are against the
equity as the banks and FIs are one of the parties before DRTs. Will you please
send the proof of all these matters personal affidavits, publication in news
papers etc. to us at 205, Morya Palace, 5/1, Diamond Colony, New Palasia,
Indore-452001
Our this web site is dedicated to Yoga Rishi Swami 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
Video Interview of Mr. GC Garg, Ex-Senior Bank Official and Ex-Chairman,
Non-banking Finance Company:-
Mr. GC Garg, having experience of 40 years in
Bank and Finance Company in India and abroad, assigned us drafting of DRT
counter-claim for the DRT case of his son. We prepared the counter-claim involving loss and
damages worth Rs. 1158 crores against a public sector bank. On 18.06.06, Mr. GC
Garg visited us at Indore and appreciated our deep knowledge of banking and
relevant laws including Law of Torts and Law of Damages. He expressed his views
in a video interview with us. We have prepared a
Video CD containing 10 video clips on subjects like Comments on Pleadings of the
said counter-claim, winning strategy in DRT, violations of RBI Guidelines, DRT
advocates and judges, ARCILs, wrong doings committed by bank officials, their
cross-examination including that of the Chairman and Branch Manager of the bank,
etc. His views
expressed during the said Interview will be highly useful to the litigant
borrowers, guarantors, industrialists, bankers etc. The details of the content
of the said video CD is available on a separated web page on this site and may
be visited by clicking here
Video Interview - GC Garg, Ex-Senior Bank
Official The said VCD may be obtained
from us after ascertaining the details through e-mail.
New Page on 'Our Replies to Queries on Current DRT Matters, Court Decisions
etc.' introduced:-
The visitors to this web site make several
queries to us on various posts in the groups and forums relating to bank, drt,
financial institutions, civil court decisions etc. Hence we have introduced a
new page which you may visit by clicking here
Our
Replies to Queries on Current DRT Matters, Court Decisions etc.
On this page we give our comments and then the same are
communicated to the querist.
Thus our comments are available to other
visitors. Various topics so far covered are:- Transfer of Ownership or Sale of
unit, Calculation of NPA, Debt Due and Rehabilitation Plan, Official Liquidator
and Recovery Officer, Third Party Rights in the Property auctioned, Asset
Reconstruction Companies and Counter-claim, Role of DRTs in Revival of Sick
units, Accusation of Delay Tactics by Borrowers in DRTs, etc. Our main focus is on legal defence of the borrowers and guarantors
against the wrong doings of the lenders. The parties whose pleading including
the counter-claim or damage suits are prepared by us are our established
clients. We further help such clients during their litigations in DRT and civil
courts at every stage of trial, providing them with most suitable winning
strategy, relevant court decisions, cross-examination of the bank officials and
advice for the final arguments. We also help our clients during their appeal in
Appellate DRT, High Courts and Supreme Court. On account of such help, all our
clients are having upper hand in their litigations.
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 or DRT. 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 or DRT 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 or vice-versa, 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.
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.
Good News for the Borrowers and Guarantors:-
On account of the counter-claims and better
preparations of the Borrowers and Guarantors, the bankers are more inclined for
settlements at very low offers. Please find out the lowest offers and then
settle carefully with consent decrees. Wherever settlement is not possible,
there is no other options but to follow our approach elaborated in this web
site.
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. Our suggestions and the only correct
solution for rehabilitation of sick SME Industries is contained in a article
which can be seen by click here at
NPA, Debt
due, Rehabilitation of Sick SME Industries
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.
Borrowers and Gurarantors
can win in their bank litigations:-
In most of the cases, we have found that if the
counter-claim has been framed properly by a person having mastery of banking
facts and mastery of banking laws and then the bank officials are properly
cross-examined in the witness box so that they admit their wrong doings, the
litigating borrowers and guarantors can win their cases. Most of our clients are
moving in this direction. As
a whole you may approach us for all DRT Problems and Solutions. Solution to any
problem of debtrecovery in DRT is our specialization particularly for the defence of the
borrowers and guarantors.
Competent
Advocates specializing in DRT, ADRT, BIFR, NCLT
and Company Law:-
Competent Advocates specializing in DRT, ADRT,
BIFR, NCLT and Company Law matter are available for ADRT Allahabad, High Courts
in Allahabad, Delhi, Chandigarh, South Indian citiies like Chennai, Bangalore,
Hyderabad, Cochin and Supreme Court. We need to appoint Junior Advocates in
these and other DRTs. Middle aged Advocates having minimum court practice of 10
years and age not more than 50 years, proficient in Englilsh and computer may
get in touch with us.
Competent
Advocates available for DRT Delhi, DRT Mumbai,
DRT Chennai, DRT Bangalore, DRT Coimbatore, DRT Allahabad, DRT Chandigarh
and DRT Jabalpur:-
competent Advocates specializing in DRTs are available
for DRT Delhi, DRT
Mumbai, DRT Chennai, DRT Bangalore, DRT Hyderabad, DRT Coimbatore, DRT
Allahabad, DRT Chandigarh and DRT Jabalpur. Clients in these regions will have advantage of our
specialized and expert knowledge. We have special legal representative at
Chennai having panel of advocates for Chennai, Bangalore, Coimbatore, Cochin and
other DRTs in South India. He can also arrange contesting DRTs, ADRTs, High
Court and Supreme Court matters for the DRT liitigants in South India. Please
contact us on phone to get details of our said legal representative.
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.
Solution to any problem of debtrecovery in DRT is our specialization particularly for the
defence of the borrowers and guarantors.
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
Other Useful Information:-
As a visitor, if you are not concerned with the
main topic of this web site, you may visit
Other
Topics, Health, Jobs, Social, Projector, Web Publishing
which
you will find highly useful. We are going to enrich this particular page
regularly.
Easy
search for this web site:-
If you forget address of this web site i.e.
www.drt.in or
www.drtsolutions.com , you may go to
any search engine like Yahoo, MSN, Google etc. and search for any matter
connected with DRT with prefix as DRT e.g. DRT Cases, DRT Solutions, DRT
Advocates, DRT Counter-claim, DRT RBI Guidelines, DRT Debt Recovery Tribunal,
DRT Mumbai, DRT Delhi, DRT BIFR, DRT NCLT, DRT National Company Law Tribunal,
DRT 138 NI Act, DRT Borrowers, DRT Guarantors, DRT Law of Torts, DRT Law of
Damages, DRT Supreme Court Judgments, DRT Presiding Officer, DRT Judge, DRT
Recovery Officer, DRT Ram Kishan, BIFR, NCLT, Sec 138 of NI Act etc. you will find this site in top of the
search results.
As a whole you may approach us for all DRT Problems and Solutions. Solution to
any problem of debtrecovery in DRT is our specialization particularly for the defence of the
borrowers and guarantors.
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.
NCLT Case in Supreme Court :-
The hearing still continues. Hence the formation of the NCLT
will be further delayed accordingly.
New Pages added on this web site:-
We have added three new pages to this web site viz
Success & Results of
Counter-claims│Our
Attorney Associates & Well Wishers│Indian
Legal Forum for Industrialists & Businessmen
These pages contain useful information and
solutions for the
industrialists, businessmen and their associations as well as for the borowers
and guarantors.
Important Tip to Old and New Visitors, Industrialists, Businessmen, Borrowers,
Gurarantors, DRT Litigants:-
A visit to new page
Synopsis Video
Interview - BS Malik, Sr. Supreme Court Advocate
will
be highly useful,
wherein you may see and listen to Mr. Malik on
the said page itself. You may take out the print and study the same. Listening to
the entire video interview will be further useful. You may select the clips for replay
for discussions with your colleagues as well as the advocates.
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 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 Client files damage suit of Rs. 1825 Crores against a bank and a
financial institution in Chandigarh:-
Our Client, an eminent Supreme Court Advocate (practice more than 25 years in Supreme
Court) has filed a damage suit of Rs. 1825 Crores in Chandigarh on 13.01.05 against a bank
and a financial institution. The said damage suit was drafted by us and it runs
in 118 pages having documents of 537 pages. In a video interview lasting more
than 30 minutes on 23.01.05, the said Mr. Malik appreciated our legal concepts, our drafting and our
knowledge and experience about application of law of torts to banking,
industrial sickness, drt, counter-claim, securitisation act and calculations of
damages. The same interview has now been divided into 18 clips mentioned above
at the top of this page. The said
client 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.
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
ramkishan@drtsolutions.com 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.
Our additional IP address of our web site :-
We have obtained
www.drt.in as an additional IP Address for our
this web site and it has become active from 24.03.05. This new IP
www.drt.in will point out to
www.drtsolutions.com and both IPs may
be used.
IPR Case - Mr. Arun Gathoria on Physics:-
Recently we across a Scientist Mr. Arun Gathoria who is doing wonderful research
work on a Physics project relating to 'Gravity', we shall be thankful to you if
you extend your help to Mr. Gathoria. His further details can be seen by
clicking at
IPR Case - Arun Gathoria
on Physics
IPR Case - Mr. Shyam Singh Thakur on Maths(0 to infinity):-
We are pleased to announce a globally important IPR Case of Mr. Shyam Singh
Thakur vide details on the page
IPR Case-Shyam Singh Thakur on Maths(0 to
infinity)
Securitisation Act-Comments
Useful judgment of Madras High Court:-
The Madras High Court vide the news item dated 10th December 2004 in the Hindu,
in the matter of Central Bank of India vs TTG Industries Ltd.
have ruled that the banks and financial institutions can not simultaneous resort
to action in DRT as well as initiating action under Securitisation Act.
Our new Mobile No:-
Please note our new Mobile No as 930-2103689.
Securitisation Bill passed on 07.12.04
The Lok Sabh has passed the bill relating to the Ordinance mentioned below. Our
comments as under will apply.
Ordinance dated 11.11.04 in respect of Securitisation Act:-
The government has issued an Ordinance in respect of Securitisation
Act. Some of the amendments proposed are against the spirit and letters of the verdict of the
Supreme Court in the matter of Mardia Chemicals. The said proposed amendment
will open new flood gates of litigations. Our comments may be seen by clicking
here :-
Securitisation Act-Comments
Formation of ARCs :-
The litigant borrowers particularly those having disputes of large amount will
have to face ARC or ARCs i.e. Asset Reconstruction Companies. Here again, the
most important tool will be counter-claim which must be filed against the
concerned ARC and also the lending banks and institutions holding them
responsible individually and severally. All our guidance about the counter-claim
in this web site also apply in this case also
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
Securitisation Act - Govt may plug gaps, DRT Act may also be amended:-
Vide news item at page 1 of the
Economic Times dated 15.06.04. For our comments,
please click here :-
Securitisation Act-Comments
The DRT litigants, borrowers, guarantors, industrial associations must be
vigilant and alert over any unconstitutional and iniquitous amendments of the
Securitisation and DRT Acts. The bureaucracy in banks and financial institutions
is all out to have arbitrary powers which can only be thwarted by filing proper
writs.
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 desired that we should conduct the cross examination
of the bank officials at appropriate time.
Advice to New Visitors and DRT Litigants
Please speak to us on phone (nos
given above) or send e-mail. If you desire to have personal discussions about
your DRT or Securitisation or IPR legal matters, please
first send copies of important documents at our address given at the bottom of
this page and fix up prior appointment on phone. The person who can take full
decisions should only visit us. We are based at Indore in Central India. In extreme urgency, you
may visit along with papers but you will have to stay at Indore at least for two
days. We have clients from all over the country as well as abroad.
As a whole you may approach us for all DRT Problems and Solutions.
With our
advice, several borrowers and guarantors in their DRT cases have benefited. and
hence you should not be afraid of legal problems relating to DRT, Securitisation Notice, Appellate DRT or NCLT
i.e. National Company Law Tribunal,
sec. 138 of NI Act relating to dishonour of cheques, BIFR, IPR matters etc.. Your DRT advocate
must be doing a very good job but he needs our specialized and expert help to
achieve success in DRT litigations as he is not having that much of thorough
knowledge of banking, industries, industrial finance, securitisation act, DRT
intricacies, DRT counterclaim, NCLT i.e. National Company Law Tribunal, BIFR, IPR etc. as we have. The drafting of legal defence
for DRT cases, DRT counterclaim and IPR documents is highly specialized job and is the foundation of defence in Debt
Recovery Tribunal. In preparing the said counterclaim, we take into account
balance sheets, project report, correspondence, documentation etc. which normal
advocates can not do. You have the first and last opportunity in DRT to file
proper counterclaim The DRT counterclaims
prepared by us are at various stages of adjudication in DRT Mumbai, DRT Delhi, DRT Jabalpur, DRT Chandigarh,
other DRTs etc. Top industrialists, bankers, lawyers including DRT
advocates have made references to
us. We have a team of experienced lawyers, advocates, retired judges, chartered
accountants, bankers, DRT advocates and industrial consultants to prepare DRT defence, DRT counterclaims,
BIFR
and IPR matters.
Solution to
any problem of debtrecovery in DRT is our specialization particularly for the defence of the
borrowers and guarantors.
RBI Guidelines and RBI Interest Rate Circulars:- As
per law and Supreme Court judgments, the RBI Guidelines are statutory and
mandatory. The
violations of RBI Guidelines constitute an important defense for the borrowers and guarantors
in DRT litigations. We
have prepared an useful compilation of the same in various formats viz. subject
wise, date wise etc. Desired RBI Guidelines and interest rate circulars are available
to our clients only.
They are quite useful in DRT defence, DRT Counterclaim, DRT arguments,
DRT appeals, defence and objections in Securitisation Act, defence in NCLT i.e.
National Company Law Tribunal, BIFR etc. Our compilation of RBI Guidelines and
interest rate circulars is a must for any DRT Litigants, their DRT Advocates and
DRT Lawyers.
As a whole one may approach us for all DRT Problems and Solutions
DRT
Counterclaim:- We
prepare the DRT counterclaim based on the wrong doings of the banks and financial
institutions and illegalities as above. The DRT counterclaims prepared by us are comprehensive
enough including all categories of loss and damages based on the law of torts. We have found that the
DRT
advocates and DRT lawyers prepare simple claims based on few categories. Several
parties have and are referring their DRT counterclaims for us to redraft and
recalculate the same. It requires an expertise and knowledge about the project
report, appraisal report, balance sheets, legal proceedings in DRTs, correspondence
etc. Mr. B.S. Malik, an advocate having court practice of 42 years out of
which 25 years were in Supreme Court has appreciated our drafting of
counter-claim vide synopsis of video interview which can be seen by clicking
here at
Synopsis Video Interview - BS Malik, Sr. Supreme Court
Advocate
As
a whole one may approach us for all DRT Problems and Solutions
Mardia ne maar diya - Vide editorial in
the ET dated 03.06.04. Also please vide news
item at page 1 in the ET dated 02.06.04, the DRT Ahmedabad has awarded stay
against any further action after attachment by ICICI Bank in the matter of
notice under Securitisation act. This order is under sec. 17 of the
Securitisation act. For our comments on these two items please click here :-
Securitisation Act-Comments
Our Comments on
SC Judgment on Mardia :-The judgment is in favour of
the Borrowers and Guarantors. The doors for going to court and DRT before taking of
possession have been restored. The draconian condition
of 75% deposit for appeal to DRT has been removed. The full text of the judgment
is available at www.judis.nic.in For our
detailed comments on the said judgment please click here :-
Securitisation Act-Comments
Our comments on
recent imposition of court fee on appeal to DRT are given below as
well as on the said page.
Bank
documents and Accounts in DRTs:- We have an expert cell (DRT) to examine the bank documents and bank
accounts filed in DRTs. In all the cases we have found there are numerous mistakes and
illegalities which render the whole claim in DRT illegal. These can also be part
of objections to be raised in DRT against the Notice under Securitisation Act.
DRT
lawyers and DRT advocates can not detect these illegalities as it is a highly
specialized and technical
job.
As a whole one may approach us for all DRT Problems and Solutions
Securitisation Act - Court Fee for appeal to DRT:- The
recent imposition of fee for appeal in DRT vide news item at page 16 of the Economic Times dated
01.06.04 is unreasonable, arbitrary and hence illegal, for our comments please
click here
Securitisation Act-Comments
Securitisation Act - Writs in respect of Private Banks, Co-operative Banks,
Foreign Banks etc. :- The
borrowers and guarantors should understand that the writ jurisdiction can not be
used against private banks, co-operative banks, foreign banks etc. which are not
authorities under the Article 12 of the Constitution. for details please visit
the page by clicking here
Securitisation Act-Comments
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legal BPO, legal Business Process Outsourcing,
Ram Kishan, Anand Ahuja, IPR, Intellectual Property, WTO etc. our site is placed at top positions. If you need to
search in any other category and find it difficult, please e-mail us.
We are pleased to announce that our another new web site
www.usindolegal.com has been launched, which deals with legal matters
connected with antidumping, immigration, exports, imports,
BPO and offshore BPO, IPR matters in the fields of legal, insurance, banking, transcription
etc.
As a whole one may approach us for all DRT Problems and Solutions. Solution to
any problem of debtrecovery in DRT is our specialization particularly for the defence of the
borrowers and guarantors.
Our Articles useful for Borrowers and Guarantors:- Our
articles 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 relating to DRT matters. 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.
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