NCLAT: Can’t Set Aside Liquidation Order u/s 33 IBC When 3rd Party has Taken Possession of Property  ||  NCLAT: Unless Amendment Application Filed, Authority Can’t Suo Motu Amend Date of Default  ||  Delhi HC Directs Removal of 'Kindpan' Trademark in Petition Filed by ‘Mankind’  ||  J&K HC: Limitation for Challenging Award Starts after Signed Copy is Received by Party  ||  Delhi HC: ‘High Speed’ Not Sufficient to Conclude Driver Acted in Rash and Negligent Manner  ||  Allahabad HC: Huge Difference between Executing a Particular Document and Being a Witness  ||  Kerala HC: Can’t Consider Co-Opted Members of Bar Council as Separate Class from Elected Members  ||  J&K HC: Govt. Failing to Communicate Rejection of Detenue’s Representation in Time Vitiates Order  ||  SC: Electricity Act Empowers State Commissions to Regulate Open Access Within their Respective States  ||  SC: Limitation Begins from Date of Registration of Sale Deed that Constitutes Constructive Notice    

ICICI Bank Limited v. Unimers India Limited and Ors. - (High Court of Bombay) (07 Mar 2016)

DRT has no jurisdiction to hear un-appointed debenture trustee

MANU/MH/0219/2016

Banking

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.

Relevant : Krishna Filaments Ltd. vs. Industrial Development Bank of India and Ors. MANU/MH/0001/2004 Alpha and Omega Diagnostics India Ltd. vs. Asset Reconstruction Company (I) Ltd. and Ors. MANU/MH/0898/2010 Section 18 Recovery of Debts Due to Banks and Financial Institutions Act, 1993

Section 2 SARFAESI Act, 2002

Tags : DEBENTURE TRUSTEE   TRIBUNAL   DEBT RECOVERY  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved