After being given the go-ahead by the Bombay High Court, which recently rejected a petition filed by the bar association challenging the shifting of the tribunal, the Ministry has sent out the invite
Even as the Debt Recovery Tribunal (DRT) Bar Association has moved the Supreme Court seeking a stay on shifting of DRT-III tribunal from Balard Pier to Vashi, the Union Ministry of Finance (MoF) has sent out an invite announcing the shifting of the tribunal on December 30.
After being given the go-ahead by the Bombay High Court, which recently rejected a petition filed by the bar association challenging the shifting of the tribunal, the Ministry has sent out the invite. Justice S Ravikumar will be chief guest at the event.
DRT bar secretary Mangesh Patel said, "There is still no presiding officer appointed for the DRT-III, the charge is with presiding officer of DRT-I, who is sitting at Ballard Pier. Thus, even if the tribunal is inaugurated, its operations would not commence. Moreover, the MTNL building which is going to house the tribunal does not have proper infrastructure."
A division bench of Chief Justice Manjula Chellur and Justice M S Sonak, while dismissing the plea, had also vacated the stay granted on the decision of the MoF to shift the tribunal. In its order it said, "It is more of a policy decision of the authorities concerned to set up such establishment. They have come out with reasonable explanation as to why the present location was preferred and chosen in comparison to other sites indicated or suggested by the petitioner."
The affidavit had further stated that as per norms, one Debt Recovery Appellate Tribunal (DRAT) and two DRTs — that were functioning at Ballard Pier — require a space of 17,700 square feet. Once the DRT-III is shifted to Vashi, it will get a space of 8,755 square feet for its own functioning, while there will be 17,851 square feet available at Ballard Pier for the two tribunals that will continue to function there.
The bar association had challenged the move claiming that the Ministry is spending 50 per cent more than what is available in the vicinity of the present DRT in South Bombay. It is in the interest of justice, equity and fair play that the Ministry be restrained from taking any decision to transfer the present DRT-III, it had contended. The bar association's petition will come up for hearing in the Supreme Court on Friday.
Matters before the DRT and DRAT are tried under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Act, and the Recovery of Debts Due to Banks and Financial Institutions Act.
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