Bombay High Court Dismisses Petition Challenging DRT Order in Debt Recovery Case — Foreign Bank's Surrender of Licence Does Not Affect Pending Recovery Proceedings. The court held that the jurisdiction of the Debt Recovery Tribunal is determined at the time of filing the application and subsequent cessation of banking business does not oust its jurisdiction under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
23 Mar 2011The petitioner, Isibars Limited, a company incorporated under the Companies Act, 1956, had availed credit facilities from Commerzbank AG, a German ban...
