Induslaw has represented as legal counsel for MSTC in the matter related to MSTC LTD and Standard Chartered Bank against recovery proceedings.
Synopsis of the matter
Recently the Bombay High Court invoked suo moto of its power under the Constitution to protect and secure the interest of litigants, who are left remediless as no Chairperson is appointed for DRAT (Mumbai).
In the matter MSTC LTD and Standard Chartered Bank against recovery proceedings, it held that allowing recovery processes to continue without providing an effective remedy of appeal, particularly when the RDB and SARFAESI Act empowers secured creditors/DRT’s to expeditiously dispose the recovery proceedings and/or take possession of secured assets without the order of Court, would result in the desecration of the legal system. Accordingly High Court granted relief to MSTC and directed the stay of proceedings before recovery subject to certain conditions.
INDUSLAW team comprising of Amit Jajoo and Sushmita Gandhi, Partners and Anamika and Darpan Bhatia, Senior Associates, led by Sr. Counsel Dr. B. Saraf and Counsel, R. Gupta, advised and represented MSTC Ltd. in a Writ Petition seeking urgent orders for stay of recovery proceedings, as no Chairperson has been appointed in the Debts Recovery Appellate Tribunal (DRAT), Mumbai since 15 September 2021.
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