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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head> <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0"> <tr> <td align="left" valign="top"> <br /> High Court of Bombay <br /><br /> DRT has no jurisdiction to hear un-appointed debenture trustee<br /><br /> MANU/MH/0219/2016 - (07 Mar 2016)<br /><br /> </td> </tr> <tr> <td align="left" valign="top">ICICI Bank Limited v. Unimers India Limited and Ors.</td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>In a claim for recovery made by a debenture trustee of debentures of a company on behalf of or for the benefit of the debenture holders, the Debt Recovery Tribunal will have no jurisdiction to entertain an application for recovery. The Court distinguished the standing of a debenture trustee with that of a “secured creditor”: not falling within such a definition, a debenture trustee not appointed by a bank or financial institution would instead have legal recourse to civil courts.</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Relevant : Krishna Filaments Ltd. vs. Industrial Development Bank of India and Ors. <manuid>MANU/MH/0001/2004</manuid> Alpha and Omega Diagnostics India Ltd. vs. Asset Reconstruction Company (I) Ltd. and Ors. <manuid>MANU/MH/0898/2010</manuid> Section 18 Recovery of Debts Due to Banks and Financial Institutions nActCompID=25982, 1993<BR><BR> Section 2 SARFAESI nActCompID=26262, 2002</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : Debenture trustee, tribunal, debt recovery</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <!--<td><strong>Source : <a target="_new" href="http://www.manupatrafast.com/">newsroom.manupatra.com</a></strong></td>--> <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <td align="left" valign="top">Regards</td> </tr> <tr> <td align="left" valign="top">Team Manupatra</td> </tr> <tr> <td align="left" valign="top"> </td> </tr> </table> </div> </body> </html>