Definition
A court decree passed with the consent of both parties — typically as part of an out-of-court settlement ratified by the court. In debt recovery, banks and borrowers sometimes agree to a One-Time Settlement (OTS) which is then recorded as a consent decree in the DRT, providing the bank with an executable decree if the borrower defaults on the OTS terms.
Related Terms
One-Time SettlementDRTDecree
Need Expert Advice on Consent Decree?
For specific advice on how Consent Decree applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates