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that ‘The Presidency Towns Insolvency Act, 1909’ and ‘The Provincial Insolvency Act, 1920’ (enactments) have been repealed in view of enactment of the Insolvency and Bankruptcy Code, 2016 (Code).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

Comments

Other News

Global South: Health cooperation needs institutions to make solutions scalable

September 12 marks the International Day for South-South Cooperation, commemorating the 1978 Buenos Aires Plan of Action (BAPA). Forty-eight years later, its central proposition remains relevant: countries of the Global South can draw on their own knowledge, experience and innovations to address shared d

Reading the mind of Xi Jinping

As India prepares to host the 18th BRICS Summit this weekend, and as prime minister Narendra Modi is set to hold a bilateral meet with president Xi Jinping, China’s growing global influence and the changing dynamics of India-China relations will be under focus. But to understand where China is head

BRICS at 20: From economic weight to global influence

This year marks 20 years of BRICS, with India set to host the grouping’s leaders’ summit this weekend. The anniversary offers an opportune moment to assess BRICS’ growing importance at a time when the effectiveness of global governance and the credibility of multilateralism are under in

Former president Ram Nath Kovind on some of his unforgettable journeys

Triumph of the Indian Republic: My Life, My Struggles By Ram Nath Kovind Rupa Publications, 400 pages, Rs 795 All our presidents so far stand out, each for a different reason. Ram Nath Kovind, the 14th president of India, from 2017 t

Uday Kotak on history, Indian economy, growth and more

Pathbreakers: How 10 Visionary Leaders Transformed India by award-winning journalists By Sucheta Dalal and Debashis Basu Rupa Publications, 304 pages, Rs 695

₹5,000 crore saved from suspected financial fraud

In a significant gain for citizen protection in the digital economy, the Department of Telecommunications (DoT) has helped prevent suspected cyber fraud losses of more than ₹5,000 crore through its Financial Fraud Risk Indicator (FRI) within fifteen months of its launch on May 22, 2025. This money did