9911796707
TMI BlogDEBTS RECOVERY TRIBUNALX X X X Extracts X X X X X X X X Extracts X X X X ..... DEBTS RECOVERY TRIBUNAL X X X X Extracts X X X X X X X X Extracts X X X X ..... iding the applications filed before it. Presiding Officer The Central Government shall appoint one Presiding Officer for the DRT to discharge the functions under the Act. A person who has been a District Judge or is to be qualified as a District Judge. The tenure of the Presiding Officer is 5 years or up to his age of 62 years whichever is earlier. The Central Government may authorise the Presiding Officer of one DRT to discharge the functions of the Presiding Officer of another DRT. Salary and allowances Neither the salary and allowances nor the other terms and conditions of service of the Presiding Officer of a DRT shall be varied to his disadvantage after appointment. Vacancy If, for any reason other than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... temporary absence, any vacancy occurs in the officer of the Presiding Officer of a DRT then the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Tribunal from the stage at which the vacancy is filled. Resignation The Presiding Officer of a DRT may, by notice in writing under his hand addressed to the Central Government, resign his office. The Presiding Officer of a DRT shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of 3 months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... until the expiry of his term of officer, whichever is the earliest. Removal The Presiding Officer of a DRT shall not be removed from his office except by an order made by the Central Government on the ground of proved misbehaviour or incapacity after inquiry made by a Judge of a High Court. Staff The Central Government shall provide the Tribunal with one or more Recovery Officers and such other officers and employees as that Government may think fit. The Recovery Officers and other officers and employees of a DRT shall discharge their functions under the general superintendence of the Presiding Officer. The salaries and allowances and other conditions of service of the Recovery Officers and other officers and employee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of a Tribunal shall be such as may be prescribed. Public Servants The Presiding Officer of a Tribunal, the Recovery Officer and other officers and employees of DRTs shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code. Protection No suit, prosecution or other legal proceeding shall lie against the Central Government or against the Presiding Officer of a DRT or against the Recovery Officer for anything which is in good faith done or intended to be done in pursuance of this Act or any rule or order made thereunder. Jurisdiction and powers of the DRT Section 17 provides that a DRT shall exercise, on and from the appointed day, the jurisdiction, powers and authority to entertain and decid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions. Bar of jurisdiction No court or other authority shall have, or be entitled to exercise, any jurisdiction, powers or authority (except the Supreme Court, and a High Court exercising jurisdiction under articles 226 and 227 of the Constitution) in relation to the matters specified in section 17. Original Application The Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) provides speedy redressal to lenders and borrowers through filing of Original Applications '(OAs' for short) in DRTs. Security Appeals The Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SARFAESI' for short) provides access to banks and financial institutions covered under the Act for recovery of secured debts from the borrowers without the intervention of the Courts at the first stage. Securitisation Appeals ('SAs' for short) can be filed with the DRTs by those aggrieved against action taken by secured creditors under the SARFAESI. DRTs in India There are 39 DRTs all over India. The list of DRTs is as below- * DRT Allahabad, Dehradun, Jabalpur, Lucknow, Patna and Ranchi. * DRT Chennai - 1, Chennai - 2, Chennai - 3, Bengaluru - 1, Bengaluru - 2, Coimbatore, Ernakulam - 1, Ernakulam - 2 and Madurai. * DRT Delhi - 1, Delhi - 2, Delhi - 3, Chandigarh - 1, Chandigarh - 2, Chandigarh - 3 and Jaipur. * DRT Kolkata- 1, K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata - 2, Kolkata - 3, Hyderabad - 1, Hyderabad - 2, Vishakhapatnam, Siliguri, Cuttack and Guwahati. * DRT Mumbai - 1, Mumbai - 2, Mumbai - 3, Ahmedabad - 1, Ahmedabad - 2, Aurangabad, Nagpur and Pune. Representation before DRT A bank or a financial institution making an application to a DRT may authorize one or more legal practitioners or any of its officers to act as Presenting Officers and every person so authorized by it may present its case before the DRT. The defendant may either appear in person or authorize one or more legal practitioners or any of his or its officers to present his or its case before the DRT. Disposal of cases by DRT From the year 2017 - 18 to 2024 - 25 the DRT disposes many applications filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the banks/financial institutions and security appeals filed by the borrowers/guarantees/ third party under SARFAESI Act. The following table will reveal the details of the Original Applications (Oas) and Securities Appeals (Sas) disposed by DRTs and the amount involved in these cases- Details of disposal of OAs and SAs by DRTs from 2017 - 18 to 2024-25 Financial year No. of OAs disposed Amount involved (in cr) No. of SAs disposed Amount involved (in cr.) 2017- 18 26082 67265.7 5851 44045.06 2018 - 19 33224 146903.51 9459 80819.86 2019 - 20 30069 111295.35 10300 64587.03 2020 - 21 8058 26325.38 3754 39187.12 2021 - 22 13069 92020.26 6343 54041.97 2022 - 23 29124 190905.18 13061 92071.75 2023 - 23 ..... X X X X Extracts X X X X X X X X Extracts X X X X .....
36395
164110.44
16146
141684.93
2024 - 25 (upto December 2024)
23088
98017.16
11000
82152.11
Total
199109
890806.98
75914
597589.33
Source: https://financialservices.gov.in/.
DRTs expedite the recovery of debts owed to banks and financial institutions. Before DRTs, recovering loans and debts was a lengthy and complex process. However, DRTs provide a faster, more streamlined system, allowing financial institutions to recover their dues without unnecessary delays. X X X X Extracts X X X X X X X X Extracts X X X X
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