Summary:
Bhopal: The Supreme Court on Tuesday issued notices to Attorney General and Solicitor General to respond by August 6 2021 on the validity and legality of notification issued by Union finance ministry through which the jurisdiction and power of Debt Recovery Tribunal (DRT) in Jabalpur was transferred to DRT Lucknow in absence of presiding officer there. The bench of Chief Justice of India Justice NV Ramana and Justice Surya Kant passed the order. But the prayer for interim stay of notification wasn't decided. Of late DRTs have come to play an important role in wake of sliding economy with many commercial entities shutting shop following corona pandemic. Disputes arising under Securitisation Act are a major litigation before DRTs..