The Debt Recovery Tribunal provides a specialized forum for recovery of debts owed to banks and financial institutions. Understand DRT jurisdiction, procedures, the role of Recovery Officers, and how to defend against bank recovery actions.
Debt Recovery Tribunals were established under the Recovery of Debts and Bankruptcy Act, 1993 (RDDBFI Act) to expedite adjudication of debt recovery cases involving banks and financial institutions for amounts exceeding Rs. 20 lakhs.
Banks file Original Applications (OA) before the DRT, and borrowers can file counter-claims and seek interim relief. The tribunal follows a summary procedure aimed at faster resolution than civil courts.
Borrowers facing DRT proceedings should immediately seek legal counsel, examine the loan documents for irregularities, file written statements within the prescribed time, and explore settlement options including one-time settlement (OTS) proposals.
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Disclaimer: This article is for general information only and does not constitute legal advice. For advice on your specific matter, please consult a qualified advocate.