Debt Recovery Tribunal, Ranchi, while taking action under the Recovery Process of Debt Recovery and Bankruptcy Act for the quarter ended September 22 in the financial year 2022-23, succeeded in recovering the bad loans of banks and other financial institutions of more than Rs60 crore. According to the data received from the tribunal, during this period, recovery officer Kanhaiya Kumar has been successful in recovering the debt of more than Rs 40 crores from the auction of 62 immovable properties mortgaged to the debtors. During this, more than 200 pending cases have also been executed.
According to the data received, the amount has been recovered from various big and small debtors while taking action in the recovery cases issued by the Presiding Officer of the tribunal, due to the relentless efforts of the recovery officer of the tribunal, Kanhaiya Kumar.
It is to be known that the Debt Recovery Tribunal, Ranchi, under the leadership of Kanhaiya Kumar, during the financial year 21-22, while acting on the defaulters / debtors, through mutual settlement and public auction process, achieved a record recovery of more than Rs 544 crore, which is highest in the Eastern region. According to Kumar, an amount of more than 45 crores was recovered from the auction of 20 immovable properties in the month of March alone.
In the case of M/s Prabhatam Buildwell, the Recovery Officer not only recovered an amount of Rs 38 crores with his own efforts, but got their incomplete project completed in Dhanbad and got it started. In the case of M/s Marksman and Swabalambi Educational Trust also, both the cases have been fully disposed of by recovering an amount of more than Rs 45 crores.
Kumar said that the continuous cooperation of the officers of banks and financial institutions and the employees of the Tribunal in recovery of records was encouraging. Despite Covid and other activities, the tribunal has achieved commendable achievement in debt recovery and disposal of cases, despite the work being affected due to the involvement of the employees of Debt Recovery Tribunal and the law officers of banks.
According to the data, cheques and drafts of more than Rs 50 crores to HUDCO and more than Rs 40 crores to financial institutions like Punjab National Bank, State Bank of India, UCO Bank, Bank of India, Canara Bank as well as Pegasius were handed over by the recovery officer.