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The Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) provides speedy redressal to lenders and borrowers through filing of Original Applications (OAs) in Debts Recovery Tribunals (DRTs) and appeals in Debts Recovery Appellate Tribunals (DRATs).
Jul 18, 2022 · The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions.
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Nov 30, 2020 · Under 19(12) of the Act, the DRT has the powers to proclaim an interim order against the borrower in order to restrict him from disposing or transferring any property belonging to him without the prior permission from the Tribunal.
The DRT by impugned order dated 16.10.2021, rejected the prayer for interim-relief and directed the respondent-Bank to proceed in accordance with the provisions of the SARFAESI Act and Rules framed thereunder, to take the possession of the mortgage property of the petitioners. While considering the submissions made on behalf of the petitioners ...
Mar 8, 2024 · Banks, financial institutions and individuals can obtain overdue loans from borrowers through DRT. If a borrower suffers a loss on a loan or other obligation, the lender can contact the DRT and initiate collections. The DRT has the authority to order collection of the debt, attach the borrower's assets, and sell the debt.
As the borrowers intended to challenge the auction-sale pursuant to the order passed by the Recovery Officer, it was open for them to prefer such appeal under Section 30, but such appeal could have been only before the DRT and not before the DRAT.
Apr 23, 2015 · 9.3 The DRT vide order dated 23.10.2013 allowed the petitioners application and, inter alia, held that the classification of the subject accounts by respondent no.1 bank, as NPAs, was bad in law. Directions were issued by the DRT by the very same order to re-structure the re-payment schedule, in a manner, that the loan tenure extends till 31.05 ...
Apr 30, 2024 · One of the grundnorms upon which the Debts Recovery Tribunals (DRTs) and the Debts Recovery Appellate Tribunals (DRATs) are founded is the principle of providing equal hearing opportunity to both parties before making any interim or final order, in accordance with Section 19 (20) 2 of the Recovery of Debts and Bankruptcy Act, 1993 3 (RDB Act).
