DEBT RECOVERY

APPEAL TO DEBT RECOVERY TRIBUNAL (DRT)
Any person aggrieved by any measure taken by secured creditor or his authorised officer may file an appeal to Debts Recovery Tribunal, within 45 days from date on which such measure was taken. i.e. action of taking possession of asset, takeover of management of business of borrower, appointing person to manage secured asset etc. is taken by the creditor.
When a borrower files an appeal, the appeal cannot be entertained unless; the borrower deposits 75% of the amount claimed in the notice by secured creditor. The DRT can waive or reduce the amount required to be deposited. The amount is not required to be deposited at the time of filing appeal, but appeal will not be heard till the amount is deposited. The borrower while filing the appeal should also file an application requesting the Debt Recovery Tribunal to admit the appeal without deposit of any amount. It the DRT orders partial deposit of the amount and the same is not deposited, appeal can be dismissed.
The 75% deposit is only required if the appeal is filed by the borrower. If some other aggrieved person (e.g. guarantor, shareholder) files it the deposit is not required.
DEBT RECOVERY APPELATE TRIBUNAL
If a person is aggrieved by the order of the DRT, it can file an appeal to the Appellate Tribunal within 30 days from date of receipt of the DRT order.
If the DRT or Appellate Tribunal holds that possession of assets by the secured creditor was wrongful and directs the secured creditor to return asset to concerned borrower, the borrower shall be entitled to compensation and costs as may be determined by DRT or Appellate tribunal.
The Tribunal can also direct return of asset, if the secured creditor had already sold or transferred the asset to a third party.


more




About Us
Naik Danait & Associates is an Auditing and Consulting firm formed in the year 2003. The firm is located at a modern business complex in India's prime business hub-Mumbai. The firm was formed to cater to the needs of small, medium and large sized business owners under one roof. Over the years, the Firm has continuously tried to identify and develop new areas of services to align itself to client needs.Our Aim: To deliver timely & quality services to our invaluable clients by focusing on their unique needs and to partner their growth in business.
Our Range Of Consultancy Services
The services of qualified and experienced consultants holding mastery in various disciplines helps us to successfully meet the varied business requirements of our clients. They assist us to keep up with the growing and changing needs of entrepreneurs and business houses. At present we are offering to our clients effective consultancy services in the fields of direct tax compliance and consultancy, Audit and Attestation services, FEMA compliance and consultancy, drafting and advisory services, Compliance and consultancy in Company Law matters, Debt Recovery matters and Arbitration matters.
Our Key Resources- Our People
Our firm is led by two dynamic personalities having extensive experience in Audit & Advisory.Mr Keshav Naik(FCA,Bcom):He is the founder partner of the erstwhile firm Kuvelker Naik & Gandhi from 1967 till 2003. He has wide experience of over 40 years in professional practice and was instrumental in setting up our firm. He has been instrumental in diversifying the service offerings of the firm and is an expert in Advisory services for FEMA, Income tax, DRT matters.Ms Vinita Naik (Danait,FCA,Bcom): She has played an active part in building the firm's practice. She has had a consistently brilliant academic record, being a rank holder in the Bcom and CA Foundation exams. She has had audit experience with two of the Big Four CA firms during the initial years of her career. She specializes in Audit/System reviews and FEMA consultancy.They have jointly written books on FEMA for sharing their experience and research on the subject.
Our Team
Our team comprises of experienced and dedicated Chartered Accountants and other professionals, who work towards providing timely, efficient and cost effective services to our clients. The active supervision and guidance of our mentors helps us in having a better understanding of the specific needs of clients to help us service them better.
Our Strengths
Our strengths which aid us to deliver effective results to our clients include:• Team of professional experts having requisite expertise and knowledge for carrying out various types of audit and advisory assignments.• Inhouse library of the Firm stocking professional books and CD's for staff referance.• Modern Office having Computerised set up with Printers, LAN, Fax, Scanner, etc.• Our Commitment towards imparting adequate training to our staff to keep abreast latest techniques to help us, provide value added services to our client at reasonable costs.• Our strife for ensuring high level of Integrity, Excellence and while carrying out our professional duties.
Quality
We have the services of experienced chartered accountants and a other professionals including lawyers, company secretaries and many more. Their extensive industry experience and in depth knowledge on the associated subjects assist us to deliver better range of services to our clients. Further our high standards of business ethics help us to meet the varied business needs of small, medium and large sized businesses and establishments and has helped us gain trust and appreciation from our clients.Our active focus on developing and delivering effective and logical solutions has helped us to meet their varied business requirements. Further our dedicated approach has also helped us to make many patrons in the Indian and global markets. We have a diversified client base comprising of mainly private corporates in the following industries:
Our Clients
We have a diversified client base comprising mainly corporates in the following industries:. Professional Packers and Movers (International and Domestic),• Records/Information Management• Secured Ground transport and ATM replenishment agencies• Freight Forwarders• Travel Agents• Hotels• Cinematography and movie making• Corporate and Ad film making • Real Estate/ Construction Projects• Textiles• Drugs and Aids rehabilitation clinics• Publications/ Magazines• Exports/ Imports
Direct Tax Compliance & Consultancy Services
Fema Compliance & Consultancy Services
Audit & Attestation services
Agreement Drafting And Advisory Services
Consultancy and Compliance in Company Law matters
Services to Charitable Trust (NGO)
Consultancy in Debt Recovery Matters
Arbitration matters



more