Union Finance Minister to Inaugurate the Conference of the Chairpersons of Debts Recovery Appellate Tribunals (DRATS) and Presiding Officers of Debts Recovery Tribunals (DRTS) Today.
The Union Finance Minister Shri Pranab Mukherjee will inaugurate the Conference of the Chairpersons of Debts Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debts Recovery Tribunals (DRTs) here today.
During the daylong Conference, the Chairpersons of DRATs and Presiding Officers of DRTs are likely to study, analyse and recommend legal, organisational and administrative measures required to remove the bottlenecks and challenges before these Tribunals so as to ensure that the purpose of expeditious and speedy recovery of the public money is achieved. Presently large amount of debts due to banks is outstanding and there have been delays in deciding the cases by DRTs.
The Recovery of Debts due to the Banks and Financial Institutions Act,1993 (RDDBI Act) was enacted to provide for the establishment of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) for expeditious adjudication and recovery of debts due to banks and financial institutions. At present, there are 33 DRTs and 5 DRATs. DRAT is the appellate authority to hear and dispose of appeals arising out of the decisions of the DRTs.
As per the provisions of the Recovery of Debts due to the Banks and Financial Institutions Act, 1993 (RDDBI Act), the DRTs are to make an endeavour to decide the case is 180 days. But due to large number of cases being filed in the DRTs and other legal and administrative constraints, large number of cases are pending in the DRTs. The Department of Financial Services has started the practice of regular interaction with the Registrars of DRATs/ DRTs and Recovery Officers of DRTs to address the issues resulting in delays in deciding the cases. Discussions have also been held between the Recovery Officers and the Senior Officers of the Banks to sort out the inter organisational issues so that delays on the part of the Banks could be avoided.