Excelsior Correspondent
SRINAGAR, Mar 28: High Court has been informed today that the Debts Recovery Tribunal (DRT) which deals with the bank loan case is available for the J&K at Chandigarh as such the loan defaulters are at liberty to approach the said Tribunal.
The division bench of Justice Ali Mohammad Magrey and Justice Mohan Lal has closed a batch of petitions filed by the persons who failed to liquidate the loan amount towards the Jammu & Bank. These persons had approached the court challenging the Securitisation and Reconstructing of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act under which the bank is at liberty to proceed ahead against the defaulters.
Since the jurisdiction to challenge the notices of Bank under SARFAESI Act is with the DRT but the counsel appearing for these defaulters informed the court that the said tribunal before whom the notice of the bank is supposed to be challenged as per the Act of 2002, is not available with regard to the Union Territory of Jammu and Kashmir as such there is no option but to approach this Court though the medium of the instant Petition.
The Union Counsel, however, to clarify the position as regards the availability of the Tribunal relating to the Union Territory of Jammu and Kashmir, apprised the court that in terms of communication dated 10th of September, 2021 issued by the Ministry of Finance, Department of Financial Services, Government of India, the area of jurisdiction of the Debts Recovery Tribunal-1, Chandigarh has been extended to the cases relating to the Union Territory of Jammu and Kashmir.
He further submitted that as per the communication dated 20th of February, 2022 issued by the Ministry of Personnel, Public Grievances & Pensions, Department of Personnel & Training, Government of India, Anand Sagar Narang, Retired District Judge (HCS-Judicial Branch) stands already appointed as the Presiding Officer in the Debts Recovery Tribunal, Chandigarh-1.
The division bench in light of these facts and circumstances and coupled with the clarification rendered by the Assistant Solicitor General of India with regard to availability of the forum (DRT) prescribed as per the Act of 2002, deemed it just and proper to dispose of all the Petitions giving liberty to the Petitioner-defaulters to approach the Debts Recovery Tribunal (DRT, Chandigarh-1) constituted by the Government for seeking redressal of his grievance(s) in tune with the mandate of the Act of 2002 within a period of one month from today.
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