Borrowers free to pursue against the Lenders: SC
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Manager
Jul 12, 2006, 5:29:09 AM7/12/06
to BankDRT
The Debts Recovery Tribunal is not the only forum where an borrower can
set up a counter claim or seek set offs. A borrower is free to purse
other independent proceedings against the Banks before civil courts of
competent jurisdiction. The borrower cannot be forced to transfer his
case to a Debts Recovery Tribunal to be tagged and heard along with the
application filed by the borrower. The Recovery of Debts Due to
Banks and Financial Institutions Act do not bar civil courts from
trying suits filed by borrowers.
set up a counter claim or seek set offs. A borrower is free to purse
other independent proceedings against the Banks before civil courts of
competent jurisdiction. The borrower cannot be forced to transfer his
case to a Debts Recovery Tribunal to be tagged and heard along with the
application filed by the borrower. The Recovery of Debts Due to
Banks and Financial Institutions Act do not bar civil courts from
trying suits filed by borrowers.
Read the full article at the following link :
http://www.bankdrt.com/nf/news/read_full_news.php?id=J00020060711001
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