Hi Experts,
I have obtained a Loan against Property from ICICI Home Finance Company (NBFC). The Loan amount is more than 1 crore. Due to many issues, the loan has been classified as NPA. I have requested the bank to initiate Sale proceedings. I was expecting that a case will be filed in Debt Recovery Tribunal (DRT). But, the NBFC had filed a Civil Suit in District Court U/s 26(1) Order XXXIV Rule 1 to 5 of CPC. The proceedings are extremely slow and interest costs are mounting. Please advise if there is a way that I can push for speedy processing of the case. Importantly, what is the role of DRT as such? Why did the NBFC chose District court over DRT? Are there any provisions for me to object the proceedings in District court and request for transfer / contest the proceedings through DRT?
Thanks for your advise.
