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Drt

(Querist) 17 December 2016 This query is : Resolved 
Plz confirm whether Mahindra and Mahindra financial services Ltd comes under the jurisdiction of DRT if any of loan is above 10 lacs?
Rajendra K Goyal (Expert) 17 December 2016
The Debts Recovery Tribunal (DRT) enforces provisions of the Recovery of Debts Due to Banks and Financial Institutions.
rajeev sharma (Expert) 17 December 2016
If it is an NBC and notified u /s 4 by RBI it may come
Sudhir Kumar, Advocate (Expert) 18 December 2016
query on fact.
P. Venu (Expert) 18 December 2016
Please post the material facts.
malipeddi jaggarao (Expert) 18 December 2016
Mahindra & Mahindra Financial Services Ltd., is an NBFC and NBFCs are covered under DRT. So the answer is "yes".
Dr J C Vashista (Expert) 18 December 2016
I agree with expert advise of Mr. Malipeddi Jaggarao, M & M FS Ltd is a NBFC coming under DRT for debts above 10 lakh.
Advocate. Arunagiri (Expert) 18 December 2016
All the banks comes under the DRT jurisdiction, for recovery of loan above 10 lakhs.

NBFCs and financial institutions who are declared as the Public Financial Institutions (PFI) by the Ministry of Corporate Affairs comes under the DRT Jurisdiction.

By virtue of being notified as a PFI, an NBFC acquires the status of a financial institution for the purposes of the SARFAESI Act, and can therefore enjoy the benefits of the recovery mechanism provided by the SARFAESI Act.
Advocate. Arunagiri (Expert) 18 December 2016
To the best of my knowledge Mahindra and Mahindra Financial services is not declared as PFI.

You may cross check the company records.


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