Lawstreet Journal

Delhi High Court Seeks Expeditious Appointment of Recovery Officers in DRTs, Framing of Rules for High Value Recovery Matters within 3 Weeks

Lawstreet Journal 1 Oct 2021 6:11pm

Image courtesy: Lawstreet Journal Judiciary Delhi High Court Seeks Expeditious Appointment of Recovery Officers in DRTs, Framing of Rules for High Value Recovery Matters within 3 Weeks

Case- Edelweiss Asset Reconstruction Co. Ltd. v. Secretary, Department of Financial Services & Ors.

 

The Delhi High Court has ordered the Centre to appoint Recovery Officers in Debt Recovery Tribunals across the country as soon as possible.

A Bench of Justices Vipin Sanghi and Jasmeet Singh requested that a status report detailing the progress made thus far be filed on November 17, the next date of hearing.

The Bench was hearing a petition that alleged a delay in the resolution of high-value recovery cases pending before Debt Recovery Tribunals. During one of the earlier hearings in the case, the Court directed the respondents to form a committee to investigate the situation.

The development came after the Court was informed that applications for 18 Recovery Officer positions were being accepted on an all-India basis.

The court said, “We direct the Central Government to ensure the appointments of Recovery Officers are made without any delay. Further status report– indicating the progress made in this respect, be filed before the next date.”

For the appointment of members to the DRTs, Advocate Ravi Prakash, appearing for the Centre, informed the Court that applications from across the country had been processed for 15 vacancies. While 69 applicants were found to be eligible, he claimed that 12 were found to be provisionally eligible.

Concerning the formulation of rules and regulations for dealing with high-value recovery matters, i.e., those exceeding Rs. 100 crores, Prakash stated that suggestions had been received from a number of stakeholders.

However, Advocate Manisha… Continue Reading...


Tagged: Delhi High Court  
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