What does DRTS mean in UNCLASSIFIED
DRTS stands for Debt Recovery Tribunals. DRTS are quasi-judicial bodies established in India under the Recovery of Debts and Bankruptcy Act, 1993. The main objective of DRTS is to adjudicate and recover debts expeditiously.
DRTS meaning in Unclassified in Miscellaneous
DRTS mostly used in an acronym Unclassified in Category Miscellaneous that means Debt Recovery Tribunals S13
Shorthand: DRTS,
Full Form: Debt Recovery Tribunals S13
For more information of "Debt Recovery Tribunals S13", see the section below.
Functions of DRTS
- Adjudicating and disposing of applications filed by creditors for recovery of debts.
- Passing orders for attachment, sale, and seizure of assets of debtors.
- Granting interim relief to creditors.
- Enforcing judgments and orders passed by the Tribunals.
Jurisdiction of DRTS
DRTS have jurisdiction over recovery of debts of Rs. 10 lakh or more. The debts must be in the form of loans, advances, or other financial obligations. DRTS cannot adjudicate disputes related to property rights or other civil matters.
Procedure before DRTS
- A creditor can file an application for recovery of debt with the DRTS.
- The Tribunal issues a notice to the debtor, who must file a written statement in response.
- DRTS conducts a hearing and examines evidence from both parties.
- The Tribunal passes an order for recovery of the debt, which can include attachment of assets or sale of property.
Essential Questions and Answers on Debt Recovery Tribunals S13 in "MISCELLANEOUS»UNFILED"
What are Debt Recovery Tribunals (DRTs)?
Debt Recovery Tribunals (DRTs) are quasi-judicial bodies established under the Recovery of Debts and Bankruptcy Act, 1993, to adjudicate recovery suits filed by financial institutions and banks for recovery of their non-performing assets (NPAs).
What is the jurisdiction of DRTs?
DRTs have jurisdiction over recovery suits filed by banks and financial institutions for recovery of debts exceeding Rs. 20 lakhs. They also have the authority to adjudicate suits related to secured assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
What is the procedure for filing a recovery suit in DRT?
To file a recovery suit in DRT, the creditor must submit an application along with supporting documents, including the loan agreement, demand notice, and other relevant evidence. The application is then examined by the DRT, and if satisfied, a notice is issued to the borrower to appear before the Tribunal.
What are the powers of DRTs?
DRTs have extensive powers to adjudicate debt recovery suits, including the power to:
- Summon witnesses and examine them
- Order the attachment and sale of the borrower's property
- Appoint a receiver to manage the borrower's assets
- Pass orders for recovery of debt, including interest and costs
What is the time frame for disposal of cases in DRTs?
DRTs aim to dispose of cases within a reasonable time frame. The Recovery of Debts and Bankruptcy Act, 1993, mandates that DRTs should dispose of cases within 180 days of their filing. However, the actual time frame may vary depending on the complexity of the case and the availability of the parties.
Final Words: DRTS play a crucial role in facilitating the recovery of debts in India. By providing a specialized forum for debt recovery, DRTS ensure that creditors can obtain timely and effective relief. These Tribunals have helped to reduce the backlog of debt cases and improved the business environment in the country.
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