Debt recovery tribunal

Querist : Anonymous (Querist) 28 October 2011 This query is : Resolved
Does DRT has the Power to instruct the Bank to hand-over the surplus amount recovered under an action taken under Sec 13(7)of DRT to the owner of the property even if bank says there is a dispute over ownership of the property sold??
Please Reply.

K.C. Law Student
Girish

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Devajyoti Barman (Expert) 28 October 2011
Yes but only if the borrower has filed an application u/s 17 of the Act.

Nadeem Qureshi (Expert) 28 October 2011
yes Mr. Burman Is right explained

sanjeev murthy desai (Expert) 28 October 2011
I agree with Barman G

prabhakar singh (Expert) 28 October 2011
Rightly advised by Mr. Devajyoti Barman

Querist : Anonymous (Querist) 29 October 2011
Thank you Sir(s).
Will you guide me with a citation to support this answer or under which provision will this be possible.
If the bank raises any objection, what can be the remedy/reply

Shailesh Kr. Shah (Expert) 29 October 2011
no need of citation, if law clearly states.

Querist : Anonymous (Querist) 31 October 2011
There is no clear law which states that Bank is under an obligation to return back the monies recovered in surplus. instead Rule 8 and 9 of DRT Rules describe that Authorised officer of Bank can keep the money as a trust till issue are resolved between borrower and third party. What is the power of DRT in such circumstances?

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