Sibes Patnaik, KIIT Law School, Bhubaneswar
ABSTRACT
The system of borrowing and lending has been there since time immemorial. The problem lies with the recovery of the interest and the principal amount from the borrowers if he is unable to repay as per the agreement. This article deals with the Structure, Formation and Process of Debt Recovery Tribunal (DRT) along with its powers and functions. It aims to make people aware of this body which helps in tackling the debt issues of public and corporate bodies in the country. With the increase in the number of money lending institutions like banks and other financial institutions, acquiring property both immovable and movable has become quite hassle-free. This has also led to the increase in number of debt recovery cases. So, it’s necessary for the government to set-up more and more of these tribunals and creates awareness among the masses.
Keywords: - Debt Recovery Tribunal (DRT), Debt Recovery Appellate Tribunal’s (DRAT), SARFAESI, Recovery of Debts due to Banks and Financial institutions (RDDBFI)
