Definition
In DRT proceedings, when the borrower's loan is the primary account, related accounts or guarantors may be added as "proforma" parties for the purpose of the recovery proceedings. Proforma defendants are parties against whom the decree will run but who are not the primary defendant.
Related Terms
DRTOriginal Application
Need Expert Advice on Proforma Account?
For specific advice on how Proforma Account 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