DRTs are required to follow the mandate provided in Section 17(5) of SARFAESI Act and Rule 12 of DRT (Procedure) Rules, 1993, in the disposal of the applications – Jis International Exports Pvt. Ltd. and Ors. Vs. Debt Recovery Tribunal-1 Ernakulam and Ors. – Kerala High Court
Hon’ble Kerala High Court held that the speedy disposal of the disputes between the creditor and debtor is the intention of the Statute. The mandatory nature of the limitation period for filing reply/response/ written statement indicates that it is made for protecting the interest of the debtors also. The DRTs are required to follow the mandate provided in Section 17(5) of the SARFAESI Act and Rule 12 of the DRT (Procedure) Rules, 1993, in the disposal of the applications. The SARFAESI Act is a self contained Code. The Statute provides an effective remedy to challenge the proceedings under the SARFAESI Act by an aggrieved person.