Individuals can’t approach Debt Recovery Tribunals -Governance Now

Individuals can’t approach Debt Recovery Tribunals

Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments

GN Bureau | August 29, 2017

#Debt Recovery Tribunal #Noida #insolvency #Jaypee

(Illustration: Ashish Asthana)

Individuals who want to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals, said a PIB release on Tuesday.

The clarification comes as flat buyers in Noida and Greater Noida are running from pillar to post after builders, including the Jaypee Group, faced insolvency.

The press release said that it has come to notice that writ petitions are being filed before some high courts stating that ‘The Presidency Towns Insolvency Act, 1909’ and ‘The Provincial Insolvency Act, 1920’ (enactments) have been repealed in view of enactment of the Insolvency and Bankruptcy Code, 2016 (Code). On this basis, the litigants are claiming that matters related to individual insolvency and bankruptcy should now be dealt under provisions of the Code.

“In this regard, it is hereby clarified that Section 243 of the Code which provides for repeal of said enactments has not been notified till date and further, provisions related to insolvency resolution and bankruptcy for individuals and partnerships as contained in Part III of the Code are yet to be notified.

“Hence, it is advised that stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals.”

Read: Pining for home

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