DRT and DRAT

 
 March,09,2010

 Debt Recovery Tribunal - : Debt Recovery Appellate Tribunal

The Debt Recovery Tribunals have been established 
by the Government of India under an Act of Parliament
(Act 51 of 1993) for expeditious adjudication and 
recovery of debts due to banks and financial institutions.

The Debt Recovery Tribunal
is also the appellate authority
for appeals filed against the
proceedings initiated by secured creditors
under the Securatizaton and Reconstruction
of Financial Assets and Enforcement of Security Interest  Act.

Important: DRT Act/Rules:

    * The Securitisation and Reconstruction of Financial Assets and Enforcement of SecurityInterest Act, 2002
    * The Recovery of Debts Due to Banks and Financial Institutions Act, 1993
    * The Security Interest (Enforcement) Rules, 2002
    * The Debts Recovery Tribunal (Procedure) Rules, 1993
    * The Debts Recovery Appellate Tribunal (Procedure) Rules, 1994
    * The Debts Recovery Tribunal (Financial and Administrative Power) Rules, 1997
    * The Debts Recovery Appellate Tribunal (Financial and Administrative Power) Rules, 1997
    * The Securitisation and Reconstruction of Financial Assets and Enforcement of SecurityInterest (Removal of Difficulties) Order, 2004
    * The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003
    * Forms of Application for Registration of Securitisation/Reconstruction Companies
    * Revised Guidelines for Compromise Settlement of Chronic Non-Performing Assets (NPAs) of Public Sector Banks
    * Relevant Provision of Enactments Amended/Refered

There are five DRAT: 
 Debt Recovery Appellate Tribunals in India,
situated at Allahabad, Delhi, Mumbai, Kolkata and Chennai. 

DRATs are appellate tribunals For DRT:

Debt RecoveryTribunals.
In India there are more than 33 DRTs: Debt Recovery Tribunals,
situated at different State/City.

    * Following Appeals can be filed in DRAT:

   1. Against the final orders passed by the Presiding Officers of various DRTs.
   2. Against Interim orders/directions given by the Presiding Officers of various DRTs.
   3. Against orders on MA/IA/Appeal against RO’s orders, etc passed by the Presiding Officers of various DRTs.
   4. Against orders on appeals filed under The Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, passed by the Presiding Officers of various DRTs.
   5. Applications under subsection (6) of section 17 of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002.