Tribunals for Debt Recovery (DRT) are tribunals set up to help quickly retrieve debts owed to banks and other financial organizations. Recovering money that has been lent to clients is their main objective. The DRT's presiding officer is chosen by the Central Government and is eligible to serve as a district judge. The officer will hold the position for five years, or until they become 65, whichever comes first. The Debts Recovery Appellate Tribunal (DRAT) receives an appeal against the DRT order. Prior to 1993, banks and other financial institutions had a difficult time recouping loans given to private citizens and corporate entities. The civil courts were tasked with handling issues involving non-performing assets (NPAs) and bad loans, but the proceedings took years to conclude. As a result, banks needed several years to get their money back. To solve the issue, The Recovery of Debts owing to the Banks and Financial Institutions Bill, or RDDBFI, was introduced.
For More Details Please Contact Us at +919911026195.
| Tags: | #Best Debt Recovery Tribunal Lawyer in Tis Hazari Court, #criminal Lawyer in Tis Hazari Court |
