In this article you get to know about DRT full from and other different abbreviations of DRT in various fields. DRT full form refers to Debts Recovery Tribunals.
Debt Recovery Tribunals are specialized quasi-judicial bodies in India that were established to deal with cases related to the recovery of debts due to banks and financial institutions. DRTs were established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) with the objective of expeditious and effective adjudication and recovery of debts due to banks and financial institutions.
DRTs have jurisdiction over cases where the amount of debt due to a bank or financial institution is more than Rs. 20 lakhs and less than Rs. 10 crores. In case the amount of debt exceeds Rs. 10 crores, the matter falls under the jurisdiction of the Debts Recovery Appellate Tribunal (DRAT).
DRTs are presided over by a Presiding Officer who is a judicial officer with the rank of a district judge. The DRT has the power to summon witnesses, examine them on oath, compel the production of documents and issue orders to the bank or financial institution to recover the debt. The DRT can also issue orders for the attachment and sale of the assets of the defaulter to recover the debt.
The process for filing a case in a DRT begins with the filing of an application by the bank or financial institution that is seeking recovery of the debt. The application must contain details of the debt, the default and the steps taken by the bank or financial institution to recover the debt. The application is then served on the defaulter, who has the opportunity to file a written statement in response to the application. The matter is then listed for hearing and the DRT will pass an order based on the evidence presented by both parties. In case either party is dissatisfied with the order passed by the DRT, they can file an appeal before the DRAT within 30 days of the order. The DRAT has the power to hear appeals against orders passed by the DRT and can either confirm, modify or set aside the order passed by the DRT.
Details about the Debt Recovery Tribunals
Establishment and Jurisdiction: DRTs were established under the RDDBFI Act, 1993 to provide an effective mechanism for the recovery of debts due to banks and financial institutions. The Act gives DRTs jurisdiction over cases related to the recovery of debt, including cases of debt recovery under SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002).
Composition of DRTs: Each DRT is headed by a Presiding Officer, who is a judicial officer with the rank of a district judge, and two Recovery Officers who are appointed by the Central Government. The Presiding Officer has the power to hear and adjudicate on all matters related to debt recovery, and the Recovery Officers have the power to execute the orders passed by the DRT.
Time-bound Proceedings: One of the key objectives of DRTs is to ensure that the proceedings are expeditious and time-bound. The Act provides strict timelines for the filing of applications, submission of written statements, and the disposal of cases by DRTs.
Powers of DRTs: DRTs have wide-ranging powers to ensure that the debts due to banks and financial institutions are recovered. These powers include the power to summon witnesses, examine them on oath, compel the production of documents, and issue orders for the attachment and sale of assets.
Appeal Process: In case either party is dissatisfied with the order passed by the DRT, they can file an appeal before the DRAT. The DRAT has the power to hear appeals against orders passed by the DRT and can either confirm, modify or set aside the order passed by the DRT.
Role in Economic Development: The effective functioning of DRTs is critical for the overall economic development of the country. By ensuring that banks and financial institutions are able to recover their dues in a timely manner, DRTs help to maintain the stability of the financial system and promote confidence in the banking sector.
Jurisdiction over Companies: DRTs have the power to hear and decide cases related to the recovery of debt from companies. In case a company defaults on a debt, the bank or financial institution can file an application before the DRT for the recovery of the debt. The DRT can then issue orders for the attachment and sale of the assets of the company to recover the debt.
Priority over Other Courts: In cases related to the recovery of debt, DRTs have priority over other courts. This means that if a case related to debt recovery is pending before a civil court or any other court, the DRT can take up the matter and hear and decide on the case.
Power to Pass Interim Orders: DRTs have the power to pass interim orders to ensure that the interests of the bank or financial institution are protected. These interim orders can include orders for the attachment and sale of assets, orders for the appointment of a receiver, and orders for the freezing of accounts.
Role in Resolving Bad Debts: DRTs play a crucial role in resolving bad debts and non-performing assets of banks and financial institutions. By providing an effective mechanism for the recovery of debts, DRTs help banks and financial institutions to reduce their NPAs and improve their financial health.
Streamlining the Recovery Process: The establishment of DRTs has streamlined the recovery process for banks and financial institutions. Earlier, banks had to resort to lengthy and time-consuming court proceedings to recover their dues, which often led to delays and inefficiencies. With the establishment of DRTs, banks and financial institutions have a specialized forum to recover their dues, which has resulted in faster and more efficient recovery of debts.
Role in Promoting Financial Inclusion: The effective functioning of DRTs is also crucial for promoting financial inclusion in India. By ensuring that banks and financial institutions are able to recover their dues from defaulters, DRTs help to maintain the flow of credit to the economy, which is essential for promoting economic growth and development.
Simplified Procedure for Small Claims: In order to facilitate the recovery of small claims, the government has also established Debt Recovery Tribunals-II (DRT-II) in certain locations. DRT-II is a simplified and expedited procedure for the recovery of small claims (up to Rs. 10 lakhs) and provides a quick and cost-effective remedy for banks and financial institutions.
Use of Technology: In recent years, DRTs have also started using technology to improve their functioning. DRTs have introduced e-filing of applications and documents, which has made the process faster and more efficient. DRTs have also started using video conferencing for hearings, which has reduced the need for physical presence and has enabled parties to participate in hearings from remote locations.
Training and Capacity Building: The effective functioning of DRTs also depends on the capacity and skills of the personnel involved. In order to enhance the skills and capacity of the personnel working in DRTs, the government has established training institutes such as the Debt Recovery Tribunal Training Institute in Chennai. These institutes provide training and capacity building programs for the staff of DRTs and help to improve the functioning of DRTs.
DRTs play a critical role in the recovery of debts due to banks and financial institutions and are an important tool in the hands of the government to maintain the integrity of the financial system. By providing a specialized forum for the resolution of disputes related to debt recovery, DRTs help to ensure the stability of the financial system and promote confidence in the banking sector.
Different abbreviations of DRT in various fields are as follows
|DRT||Debts Recovery Tribunal||Business|
|DRT||Data Retrieval Tool||Computing|
|DRT||Dynamic Regional Thresholding||Computing|
|DRT||Domain Reference Table||Computing|
|DRT||Diagnostic Rhyme Test||Computing|
|DRT||Distributed Ray Tracing||Technology|
|DRT||Digital Replacement Translator||Technology|
|DRT||Digital Receiver Technology||Technology|
|DRT||Data Relay Transponder||Technology|
|DRT||Deutsche Rugby Tag||Sport|
|DRT||Double Rope Technique||Sport|
|DRT||Debt Recovery Tribunal||General|
|DRT||Department of Rail Transport||General|
|DRT||Deportation Review Tribunal||General|
|DRT||Detection Response Task||General|
|DRT||Drug Resistant Tuberculosis||Medical|
|DRT||Dopamine Replacement Therapy||Medical|
|DRT||Dead Reckoning Tracer||Military and Defence|
|DRT||Dual Representation Theory||Academic & Science|
|DRT||Discourse Representation Theory||Academic & Science|
|DRT||Deviance Regulation Theory||Academic & Science|
|DRT||Dynamical Reduction Theory||Academic & Science|
|DRT||Dome Removal Tool||Academic & Science|
|DRT||Delhi Road Transport||Travel|
|DRT||Durham Region Transit||Travel|
|DRT||Demand Responsive Transport||Travel|
|DRT||Dalian Rapid Transit||Travel|
|DRT||Drakpoi Rinchen Tsugtor||Travel|
Dear reader in this article you get to know about DRT full from and DRT term used in various other fields, If you have any query regarding this article kindly comment below.