DRAT Rejects Borrower-Bank Settlement Because Bank Failed to Comply with Refund Order

Dhanvridhi Commercial Pvt. Ltd Vs Authorized Officer (DRAT Kolkata) The Debts Recovery Appellate Tribunal (DRAT), Kolkata, dismissed appeals filed by both the borrower and the bank against an order of the Debts Recovery Tribunal (DRT)-III, Kolkata, arising out of proceedings under Section 17 of the SARFAESI Act, 2002. The borrower had challenged the bank’s SARFAESI action and possession notice dated 04.01.2019. During the pendency of the securitisation application, the secured asset was auctioned for ₹1,40,58,000. Subsequently, the borrower and the bank entered into a One Time Settlement (...