Banking · Debt Recovery Tribunal Regulations
A secured creditor bank has obtained a Recovery Certificate from the Debt Recovery Tribunal (DRT) for ₹80,00,000. While the Recovery Officer has attached the borrower's factory, the borrower is also found to hold a personal savings account with ₹5,00,000 in another commercial bank. Through which instrument can the Recovery Officer legally attach and recover the dues from this account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1By filing a distinct original suit in the local Civil Court.
- 2The Recovery Officer lacks legal jurisdiction over external assets.
- 3By executing physical administrative cash removal warrants.
- 4By issuing a Garnishee Order to the third-party bank.✓
Correct answer
By issuing a Garnishee Order to the third-party bank.
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