Pre-2016 DRT Recovery Certificates Cannot Form the Basis for Insolvency Notice Under the Presidency Towns Insolvency Act: Supreme Court
The Supreme Court has held that a Recovery Certificate issued by the Debts Recovery Tribunal (DRT) before the 2016 amendment to the Recovery of Debts and Bankruptcy Act cannot be treated as a "decree or order" for initiating insolvency proceedings under Section 9(2) of the Presidency Towns Insolvency Act, 1909. A Bench comprising Justice Dipankar Datta and Justice Satish Chandra Sharma dismissed the appeal filed by HDFC Bank Limited and…
