2017 (1) TMI 1505

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....Vikas Mehta, Ms. Kamini Jaiswal, Ms. Binu Tamta, Ms. Anil Katiyar, Ms. Soma Mullick, Ms. Nina Gupta, Ms. Ranu Purohit, Ms. Ruby Singh Ahuja, Ms. Manik Karanjawala, Advocates, with them for the Appearing Parties. JUDGMENT [Judgment per : Dr. D.Y. Chandrachud, J.]. - Prior to the establishment of Debt Recovery Tribunals, as on 30 September, 1990, more than fifteen lakh cases filed by public sector banks and about three hundred and four cases filed by financial institutions were pending before various Courts. The amounts involved were to the extent of Rs. 5,622 crores in dues of public sector banks and Rs. 391 crores of financial institutions. Following the Reports of the Narasimhan Committee and the Tiwari Committee, Parliament enacted ....

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....y, 2016. The Bill was referred to a Joint Committee of both Houses of Parliament. The Committee presented its Report to the Lok Sabha on 22 July, 2016. Eventually, a law has been enacted by both the Houses of Parliament and published in the E-gazette on 16 August, 2016. 4. Legislative changes to provide for expeditious disposal of proceedings before the Debt Recovery Tribunals may not by themselves achieve the intended object so long as the infrastructure provided to the Tribunals is not commensurate with the burden of the work and nature of judicial duties. Recently, the Chairperson of the Debts Recovery Appellate Tribunal at Allahabad addressed a letter on 9 December, 2016 to the Chief Justice of India recording that he was constr....