As per latest data from the finance ministry, around 215,000 cases are pending before DRTs till January 2024, of which 162,000 are original applications (OAs) filed under Section 19 of Recovery of Debts and Bankruptcy Act (RDB Act), 1993. RBI data showed in FY23, around 58,000 cases with amounts totalling about ₹4.02 lakh crore were referred to DRTs.
The Supreme Court observed that after setting aside of the auction sale of the property the banks cannot automatically claim physical possession over the property held in the possession of the tenant.
In a significant verdict, the Supreme Court held that the entire earnest money deposited by an auction purchaser would be forfeited as per Rule 9(5) of the Security Interest (Enforcement) Rules, 2002.
Anand Shah of ICICI Prudential AMC says midcaps and smallcaps are attractive due to their strong earnings and reasonable valuations. He notes that there is selective buying within these segments, particularly in manufacturing and allied businesses. Shah highlights the changing trend from 2020 to 2023, where B2C businesses are facing pressure while B2B businesses are performing well. He emphasizes the importance of manufacturing and allied businesses in the top 100 companies, which have shown incremental earnings growth and comfortable valuations.
Reliance Asset Reconstruction Company has adopted the debt recovery platform developed by Credgenics, which offers ARCs comprehensive digital and insights-driven capabilities for efficient debt resolution in the retail and SME sectors. It provides detailed insights into overdue cases, empowering ARCs to reconsider debt recovery approaches, and incorporates AI/ML models for assessing communication efficiency and adjusting outreach strategies.