DRT News

Assets of defaulter Winsome Diamonds to be auctioned

Assets of defaulter Winsome Diamonds to be auctioned

The Debt Recovery Tribunal (DRT) in Ahmedabad will auction over 30 properties of Winsome Diamonds and Jewellery Ltd, one of India's top defaulters that owes over Rs 4,600 crore to banks, on August 29. Most of the properties to be e-auctioned are ...

S Kumars owner will have to stay in India, repay debt: Karnataka HC

S Kumars owner will have to stay in India, repay debt: Karnataka HC

On December 21, 2016, the Debts Recovery Tribunal (DRT) in Benglauru had passed an order that included seizing of his passport. Several banks, including IDBI, Punjab National Bank, Union Bank of India, Central Bank of India, Jammu & Kashmir Bank and ...

Relieve people, not just firms

Relieve people, not just firms

Its robust legal infrastructure helps in speedy resolution. That will be a challenge in India. Since, under the code, a debt recovery tribunal (DRT) will need to pass orders — be it for a fresh start or restructuring of the loan, after an insolvency ...

Personal bankruptcy: Pure pie in the sky

Personal bankruptcy: Pure pie in the sky

However, an individual can move the debt recovery appellate tribunal (DRAT) contesting the DRT's order. At present, there are only 38-odd DRTs and five DRATs functioning in India. Moreover, the DRTs' track-record in dealing with the recovery of bad ...and more »

The IB law applies to all stakeholders: Nikhil Shah, MD, India, Alvarez & Marsal

The IB law applies to all stakeholders: Nikhil Shah, MD, India, Alvarez & Marsal

If one takes a conventional measure where debt to EBIDTA ratio of more than 4 times represents a stressed company, total loan assets of such firms in India are closer to $300 billion, which is 30% of all advances. Nikhil Shah, managing director, India ...

How have bad loans recoveries by banks progressed; the crisis numbers in brief

How have bad loans recoveries by banks progressed; the crisis numbers in brief

While banks like State Bank of India (SBI), ICICI Bank and Axis Bank have reported higher recoveries, others like Punjab National Bank (PNB), Canara Bank and Union Bank of India have shown a dip in recoveries in Q1. ... MD & CEO Sunil Mehta told ...

WB govt seeks six month's time to repay principal loan amount

WB govt seeks six month's time to repay principal loan amount

However, after paying Rs 75 crore, the WBECSC had failed to make any further payments to the consortium following which it moved to Debt Recovery Tribunal (DRT) in 2009. In fact, Bank of Maharashtra had appointed one Interim Resolution Professional ...

State of play in insolvency and bankruptcy reforms

State of play in insolvency and bankruptcy reforms

Before the Code, there was no single law dealing with insolvency and bankruptcy in India. As a result, multiple authorities such as the high courts, the Company Law Board, the Board for Industrial and Financial Reconstruction (BIFR) and the Debt ...and more »

SC orders Ketan Parekh to pay up Rs 50 cr in 2 months or face detention

SC orders Ketan Parekh to pay up Rs 50 cr in 2 months or face detention

Bank of India had initiated recovery proceedings against Parekh in the debt recovery tribunal (DRT) in 2001 and had obtained the order of arrest and detention in civil prison. However, Parekh challenged the order in the DRT, debt recovery appellate ...

Banks may need 20% incremental provisioning for 50 large NPAs

Banks may need 20% incremental provisioning for 50 large NPAs

... Code (IBC), the report said there is a need to address various challenges such as inter-credit conflicts, ability of large corporates to delay the recovery process and burden on the National Company Law Tribunal (NCLT)/ Debt Recovery Tribunal (DRT).and more »