Supreme Court Directs DRT Dehradun to Adhere to Timeline Under SARFAESI Act

The Supreme Court reprimanded the Debt Recovery Tribunal (DRT), Dehradun, for failing to comply with the statutory timeline while scrutinising an application filed by a bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

The observations arose in a case where the borrower challenged recovery proceedings initiated by the Indian Overseas Bank.

Taking note of the delay, a bench of Justices Sanjay Kumar and Alok Aradhe directed the DRT to dispose of the matter without further delay, in accordance with Section 17(5) of the Act.

[Indian Overseas Bank v M/s Radhey Infra Solutions (Pvt. Ltd.) and Ors.]