Dinesh Kalla, Symbiosis Law School, Nagpur
Introduction
Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993 banks approach the Debts Recovery Tribunal (DRT) whereas, under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002 borrowers, guarantors, and other any other person aggrieved by any action of the bank can approach the Debts Recovery Tribunal (DRT).
Appeals against Debts Recovery Tribunal (DRT) orders are heard by the Debts Recovery Appellate Tribunal (DRAT). A Presiding Officer rules over each Debts Recovery Tribunal (DRT). The sole legal authority to hear and make any court order for the Recovery of Debts is the Presiding Officer of a Debts Recovery Tribunal. Banks approach the Debts Recovery Tribunal (DRT) under the Banks and Financial Institutions (RDDBFI) Act of 1993, whereas borrowers, guarantors, and any other person aggrieved by any action of the bank can approach the Debts Recovery Tribunal (DRT) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act of 2002. (DRT). Appeals against Debts Recovery Tribunal (DRT) orders are heard by the Debts Recovery Appellate Tribunal (DRAT). A Presiding Officer rules over each Debts Recovery Tribunal (DRT). The sole judicial authority to hear and pass any court order is the Presiding Officer of a Debts Recovery Tribunal.
