Meeting of Debt Recovery Appellate Tribunals & Debt Recovery of Tribunals
Recently, the Department of Financial Services secretary chaired a conference of heads of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) in New Delhi.
About DRATS & DRTS
- The Debt Recovery Tribunals (DRT) system in India was introduced as a response to the growing issue of Non-performing Assets (NPAs) and the need for a dedicated mechanism to resolve disputes related to debt recovery.
- The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) led to the establishment of DRTs.
- These tribunals were set up to provide a quicker and more efficient alternative ....
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