Recovery of Debts and Bankruptcy Act

DRT Recovery Certificate Not a Decree
Case BriefsSupreme Court

The Court stated that the 2016 Amendment to the Recovery of Debts and Bankruptcy Act, 1993 had created a legal fiction operating prospectively and did not affect proceedings instituted before its enactment.

Bank of Maharashtra MD fined ₹1 DRT
Case BriefsTribunals/Commissions/Regulatory Bodies

“In the Lilavati Foundation recovery proceedings, Debts Recovery Tribunal Mumbai noted repeated non-compliance by Bank of Maharashtra with its earlier directions. The Tribunal ordered disclosure of sealed documents and sought complete compliance from the Bank, while also directing SBM Bank to furnish account records relevant to the case”