drt/securitisation acts

Querist : Anonymous (Querist) 23 April 2010 This query is : Resolved
The banks are proceeding under these acts for old continuing loans sanctioned prior to introduction of the above acts.Can they do it and does this mean the Acts have retrospective effect?

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Raj Kumar Makkad (Expert) 23 April 2010
These acts are applicable with prospective effect and banks cannot misuse these acts in the old matters. If any customer is harassed under these acts under old acts, he may raise objection on the very first hearing and can pray to follow old act.

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