The Hindu Business Line : Debt Tribunal holds special sitting at Karur

IN order to speed up recoveries in the Original Applications filed and pending before the DRT II Chennai, its Presiding Officer, Mr A. Vijayakumar, conducted a special sitting at Karur.

As many as 82 cases were tried of which 54 ended in a compromise. An amount of Rs 1.23 crore was recovered of the total compromise proposal of Rs 8.50 crore immediately.

Karur Vysya Bank, Lakshmi Vilas Bank and State Bank of India arranged for the special sitting.

The Chairman of KVB, Mr P.T. Kuppuswamy, while appreciating the efforts taken by the Presiding Officer in speedy disposal of cases and stepping up recoveries, said that because of the revised NPA norms, the bankers were forced to exercise more vigil to avoid standard assets turning into a non-performing one.

Mr A. Krishnamurthy, Chairman, Lakshmi Vilas Bank, requested Mr Vijayakumar to urge the Centre and the Chief Justice of High Courts and Supreme Court for amending the existing laws and rules in the administration of the DRTs.

Mr Vijayakumar indicated that he was in favour of fast recovery and proposed to convene a Lok Adalat at Chennai on February 5. He said that he had plans to conduct similar special sittings at Tiruchi, Madurai, Tirunelveli and Thanjavur soon.

Article E-Mail :: Comment :: Syndication

Stories in this Section
SIB products for Net-based fund transfer

Reflections on scoring a century

IOB mulls branch in Gulf for NRIs

Caution is watchword in G-secs market

Banks advised to go for out-of-court settlements

Debt Tribunal holds special sitting at Karur

Plastic money is here, there & everywhere

Develop strategy for new scenario, SBI staff told

Indian Bank staff campaign