drt/securitisation acts

Querist : Anonymous (Querist) 14 April 2010 This query is : Resolved
A commercial Bank had succeeded in getting a decree against a company in the drt.However,it was set aside by drat, thereby, implying that there is no legal demand against the company currently.The bank has immediately given notice under 13(2) securitisation Act asking company to make payment in 60 days irrespective of the drat order.What safegaurds the company can adopt to save itself from the draconian acts of the bank as per law? The bank will also go-ahead under 13(4) and discredit the company by paper publication.

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Raj Kumar Makkad (Expert) 14 April 2010
If th decree obtained by bank has been set aside then no further action of non-existant decree arises in favour of bank and company can seek directions in this regard from DRT itself. Company first should serve a notice to the bank and then should get declaration from DRT that all execution actions of the bank are null and void.

Querist : Anonymous (Querist) 14 April 2010
Just a little bit of clarification.The drat while setting aside the decree of drt,also said the bank can proceed under securitisation act and the company can move the appropriate forum for relief.Now the bank has proceeded under securitisation act.Now what should the company do ?

Raj Kumar Makkad (Expert) 14 April 2010
Company should take recourse as available under this act as per initiation of action. Remedy is also available in the same act.

Adinath@Avinash Patil (Expert) 16 April 2010
i agree with raj.

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