DRT Order staying Coercive steps in secured property without leave of Tribunal: DRAT Directs to dispose of Axis Bank’s petition on 18th July

The Debt Recovery Appellate Tribunal (DRAT) has directed the disposal of Axis Bank's petition on July, as the DRT (Debt Recovery Tribunal) order staying coercive steps in secured property was without leave of the tribunal. This ruling emphasizes adherence to proper legal procedure in debt recovery cases. If a DRT order was passed without necessary permissions or in violation of established norms, the DRAT has the power to intervene and expedite the case. This decision ensures that banks can pursue their legitimate debt recovery efforts effectively, preventing undue delays caused by procedurally flawed interim orders.