For reference of such judgments please click DRT Judgments Favourable / Useful to Borrowers
Mr. GC Garg,
our client having 40 years experience at top positions in Bank and Financial
Companies assigned us amendment of his WS in DRT. We prepared the amendment which
incorporated counter-claim of Rs. 1158 crores against a public sector bank. On
18.06.06, Mr. Garg visited us at Indore and had exhaustive and wide ranging
discussions on all aspects of his DRT case. After the discussions, we recorded
his video interview spread over 10 video clips. The topics covered are
pleadings, winning strategy in DRT, wrong doings by bank officials, ineffective
proof by affidavits, evidence and cross-examination of bank officials,
violations of RBI Guidelines etc. Mr. Garg highly appreciated our legal
research, concepts of counter-claim and pleadings.
A video CD has been prepared of the above
mentioned interview.
The clip no, title mentioned in the clip, question, title of the answer
mentioned in the clip for all the 10 clips have been given below. The opsis of the said clips is
given below. It will be greatly useful to you.
Background of Mr.
Garg. It would be worthwhile
to keep in view his background. In the year 1960, he did his post graduation in
Commerce from University of Rajasthan. After rendering services in Insurance,
teaching and sales tax, he joined State Bank of India as a Probationary Officer
in 1964. He served SBI for 27 years, out of which he devoted 15 years in
corporate Credit and Merchant Banking both domestic and overseas. He was with
Singapore office of SBI for 5 years since 1981. He also attended Advanced
Management Course at Singapore. He headed the largest Corporate Credit Office of
SBI in Mumbai for 4 years before taking premature retirement in August 1991.
This branch has credit portfolio of Rs. 6300 crores and is bigger than 15
nationalized banks in the country.
Mr. Garg left SBI in August 1991, 9 years before usual superannuation to take up
the challenge thrown by by the booming financial services sector. He headed
Llyds Finance Limited from October 1991 to June 2000. During his stewardship,
the asset base of Lloyds Finance increased from Rs. 13 crores to 1700 crores,
with annual profitability of Rs. 40 crores. Llyods Finance was reckoned as
India\s third largest NBFC. Later from July 2000 to December 2000, he was the
Consultant, Asset Management with a large NBFC where he effected recovery of
over Rs. 100 crores during 1999-2000 apart from managing asset portfolio of Rs.
700 crores.
He is now Principal Consultant with Vulcan Finance Consultants, which
specializes in One Time Settlement, Debt Restructuring, Forex Services and
Corporate Restructuring.
Synopsis
of
Video Interview (edited & split into 10 clips) of
GC Garg,
Ex-Senior Bank Official
Introduction:-
For the convenience
of the viewers, this video CD has been edited and split into small video clips which
are 10 in numbers starting from AVSEQ01 TO AVSEQ10. Their duration, title and
details of each clip are detailed below. With such arrangement, the viewer may
choose the clips for replay before his colleagues or his lawyers.
Contents of the
Video Clips :- The contents of the said 10
video clips is as under:-
AVSEQ01 -
Clip No 1 - Duration - 4 mins. 50 secs.
Title mentioned in the Clip
Clip No 1 - Ram Kishan introduces his client
Mr. GC
Garg, renowned banker having 40 years of experience, India & abroad. His
counter-claim of Rs. 1158 crores against State Bank of Mysore was prepared by
Mr. Ram Kishan, vide details on www.drtsolutions.com
Question
After the introduction of Mr. Garg, Mr. Ram Kishan asked him - 'How
did you like pleadings of your DRT counter-claim drafted by us?'
Answer
Mr. Garg recalls reading of articles written by Ram Kishan in the
Financial Express in 2001. The articles were found to be setting a new trend.
Nobody had touched on this subject like this in past. Every borrower and
guarantor seemed to be scared of DRTs. Mr. Garg derived lot of strength and
inspiration from these articles as they mentioned some thing new. Since then we
have in touch through mail exchanges and discussions on various relevant
subjects. His own case was being handled by his son. Subsequently Mr. Garg
decided to file counter-claim against State Bank of Mysore which has gone to
DRT. Mr. Garg further says that he was pleasantly surprised that every word of
the counter-claim was based on the facts. Material which was sent to Mr. Ram
Kishan was 4 big box files containing huge correspondence and huge number of
letters and documents. Out of whole heap of papers, the letters were chosen
carefully. All important letters were taken care of and made use of in the
counter-claim. The counter-claim which was drafted by Mr. Ram Kishan runs in 79
full pages of legal size. It has been so beautifully prepared. It is based on
common law, law of torts, IDR Act 1951 and several other enactments. All the
aspects of the case have been taken care of. Mr. Garg feels happy, surprised and
assured that all the aspects have been
considered fully. Mr. Garg says that marvellous job has been done. Mr. Garg
further states that he has a habit of finding mistakes in others' jobs but in
this counter-claim which has been drafted by Mr. Ram Kishan, he could not find
any mistake or omission even in a word in all the 79 pages.
Note:-
(1) The copies of the articles and letters to the editor written
by Mr. Ram Kishan and published in the Financial Express are reproduced in this
web site. These articles are still quite useful for borrowers and guarantors.
(2) In the following clips, the title mentioned in the clips just before the
answer by Mr. Garg gives the summary of the answer.
AVSEQ02 -
Clip No 2 - Duration - 3 mins. 40 secs.
Title mentioned in the Clip
Clip No 2 - In order to win Bank cases in DRT,
guidance and advice of Mr. Ram Kishan is required on every date, he asks Mr.
Garg about his experience of such after sales service.
Question
Mr. Garg, after preparation of the pleadings of the counter-claim, how do you
find our after-sales services?
Title of the Answer mentioned in the Clip
Mr Garg appreciates the quality of after sales
service of Mr. Ram Kishan. With his own experience of banking for 27 years, Mr.
Garg finds that the concept of counter-claim is a new one and without guidance
of Mr. Ram Kishan, DRT cases can not be won.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ03 -
Clip No 3 - Duration - 3 mins. 40 secs.
Title mentioned in the Clip
Clip No 3 - Mr. Ram Kishan emphasizes
importance of pleadings of the counter-claim and cross-examination of the bank
officials. He asks opinion of Mr.
Garg on these aspects.
Question
Having prepared the counter-claim based on mastery of facts and
mastery of law, the real results can be achieved if the bank officials are
cross-examined by a person having mastery of facts and mastery of law. The
present method of proof by affidavit will not yield results and hence we have
been advising all our clients that the bank officials right from the Chairman of
the bank and the Branch Manager must be cross-examined in the witness box. A
video must be prepared of the said cross-examination and the CD filed in the
court as a document.
Mr. Garg, what is your view about this process of cross-examination in DRT bank
litigations?
Title of the Answer mentioned in the Clip
Mr Garg confirms that cross-examination of the
bank officials is highly essential otherwise the real facts about their wrong
doings as pleaded in the counter-claim will never come out.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ04 -
Clip No 4 - Duration - 3 mins. 18 secs.
Title mentioned in the Clip
Clip No 4 - Mr. Ram Kishan emphasizes
essentiality of proof by admission by bank officials in their cross-examination.
He asks opinion of Mr.
Garg on this important aspect.
Question
Mr. Garg, our experience and research about the bank litigations
shows that the normal process of proof by arguments will not lead to desired
results. Hence we came to conclusions that we must obtain proof by admission.
The proof by admission can be obtained by proper and skillful cross-examination
of the bank officials.
Mr. Garg, what is your view and opinion about our such approach?
Title of the Answer mentioned in the Clip
Mr Garg agrees with Mr. Ram Kishan that the
bank officials must be cross-examined so that they admit their wrong doings.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ05 -
Clip No 5 - Duration - 2 mins. 48 secs.
Title mentioned in the Clip
Clip No 5 - Mr. Ram Kishan firmly believes
that one can win DRT cases against banks only when he and his advocate have
mastery of facts and mastery of law. He asks Mr.
Garg his opinion on such contentions.
Question
Mr. Garg, with our experience and research we have come to the
conclusion that we need to have mastery of facts and mastery of law at every
point of litigation in DRT. On every date the said mastery is required. If the
client i.e. the litigant borrower or guarantor as well as his advocate has
this mastery on every date, then we are of the view that the bank litigations in
DRT can be won by the borrowers and the guarantors.
Mr. Garg, what is your view on this?
Title of the Answer mentioned in the Clip
Mr Garg says that DRT counter-claim cases
against the banks can only be won if one has regular guidance and advice of Mr.
Ram Kishan. Mr. Ram Kishan has treasure of information, vast knowledge and
critical analysis at every point of time.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ06 -
Clip No 6 - Duration - 5 mins. 33 secs.
Title mentioned in the Clip
Clip No 6 - Considering vast experience of Mr.
Garg in banking and finance spanning nearly 40 years, Mr. Ram Kishan enquires
from Mr.
Garg as to why the bank officials are committing wrong doings?
Question
Mr. Garg,
Considering your vast experience in banking and finance, we would like to
know why such wrong doings are being committed by the bank officials
particularly those from the public sector banks?
Title of the Answer mentioned in the Clip
Mr. Garg says that banks particularly public
sector by nature are relaxed and complacent as there is no accountability. In
this context the concept of counter-claim propounded by Mr. Ram Kishan will be
very useful in improving these banks.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ07 -
Clip No 7 - Duration - 4 mins. 4 secs.
Title mentioned in the Clip
Clip No 7 - Mr. Garg, you have attended DRT
for nearly 3 years, what is your opinion about the DRT Advocates and the
adjudication by the DRTd.
Question
Mr. Garg, with your
experience of present DRT litigations what is your guidance, advice and
suggestions to the advocates who are contesting cases in DRTs?
Title of the Answer mentioned in the Clip
Mr. Garg says that DRT advocates may have the
knowledge of law but they do not understand banking and hence the DRT results
are not satisfactory. As a whole the performance of the DRTs have been poor.
Therefore the banks are now selling assets to ARCILs (Asset Reconstruction
Company of India Limited)s.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ08 -
Clip No 8 - Duration - 4 mins. 11 secs.
Title mentioned in the Clip
Clip No 8 - Mr. Ram Kishan is of the view that
the ARCILs will have to face the counter-claim for the wrong doings of the
original lender. He asks the opinion of Mr. Garg on the said counter-claim.
Question
Now coming to ARCILs, perhaps people are not
aware that even the litigations in DRTs taking place with ARCILs, the element of
counter-claim will come up and ARCILs will find difficult to contest such
litigations. What is your opinion about this?
Title of the Answer mentioned in the Clip
Mr. Garg says that he is not aware of any
counter-claim against ARCILs and feels that they must have safeguarded against
the same. He finds that the bankers prefer to sale to ARCILs instead of settling
themselves as there is no accountability in such sale.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ09 -
Clip No 9 - Duration - 4 mins. 45 secs.
Title mentioned in the Clip
Clip No 9 - Mr. Ram Kishan enquires from Mr.
Garg as to why the bank officials are not paying attention to the statutory RBI
Guidelines?
Question
Now coming to the RBI Guidelines which have
been held to be statutory and mandatory. From the various litigations going on
in the DRTs and from the various cases handled by us we found that the bank
officials are not paying due attention to the RBI Guidelines. What is your
opinion in this respect?
Title of the Answer mentioned in the Clip
Mr. Garg says that the present bank officials
in public sector banks are not competent. There is no accountability and hence
the said bank officials are not afraid of committing any wrong doings.
Answer
Please listen to Mr. Garg in this clip in the CD.
AVSEQ10 -
Clip No 10 - Duration - 3 mins. 14 secs.
Title mentioned in the Clip
Clip No 10 - Mr. Ram Kishan asks Mr. Garg his
views on the Video Interview of Mr. BS Malik, an advocate with 42 years court
practice of which 25 years in Supreme Court. the counter-claim of Rs. 1825
crores filed by Mr. Malik was drafted by Ram Kishan.
Question
Mr. Garg after several years of our research
and experience in bank litigations, we have been discussing with top notch
authorities in the field of law, banking and judiciary about all these aspects.
We had a detailed dialogue and discussion with Mr. BS Malik. Now with such
detailed discussions and legal research now we had an interview recorded with
him also. How did you find views of Mr. Malik ?
Title of the Answer mentioned in the Clip
Mr. Garg agrees with the views of Mr. Malik.
He appreciates the approach of counter-claim propounded by Mr. Ram Kishan and
says that as soon as such cases are decided, the banks committing wrong doings
will be set right.
Answer
Please listen to Mr. Garg in this clip in the CD.
Concluding remarks
by Ram Kishan:- Thank you Mr. Garg for the lively
discussions today. We are happy that you have appreciated our views about
such litigations and we feel now with the discussions held today, you will be in
a better position to win your case in DRT.
Title at end of each Clip
Clip No - For further details visit web
site www.drtsolutions.com
Ram Kishan's phone - M-9691103689, Off-Res -
07314049358
Contact Information :-
Office & Residence - 205, Morya Palace, Opp Bansi Trade Centre,
5/1, Diamond Colony, New Palasia,
Indore-452003
Mobile--969-1103689, LL-731-4049358,
E-mail - ramkishandrt@gmail.com
