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Debt Recovery Laws

Debt Recovery Laws

Recovery of Debts Due to Banks and Financial Institutions (RDDBFI Act), 1993 is an Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to Banks and Financial Institutions and for matters connected therewith or incidental thereto.

Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest (SARFAESI)Act, 2002 is an Act to regulate securitisation and reconstruction offinancial assets and enforcement of security interest and for matters connected therewith or incidental thereto.

Debts Recovery Tribunals and Debts Recovery Appellate Tribunals

The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institution.

At present, 39 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DRATs) are functioning across the country. Each DRT and DRAT are headed by a Presiding Officer and a Chairperson, respectively. The post of Presiding Officer is equivalent to a District Judge, while that of the Chairperson is equivalent to a High Court Judge.

Cases disposed of in last four years

Financial Year No. of OA*
cases
disposed of
Amount involved in OA cases (Rs. in Crore) No. of SA**
cases
disposed of
Amount
involved in SA
cases
(Rs in Crore)
2015-16 17639 38467 8297 74935
2016-17 25031 94803 12866 73571
2017-18 30884 94812 12015 74245
2018-19 37669 171645 16058 110116

*OA: Original Application filed by Banks/Financial Institutions.

**SA: Application under SARFAESI Act filed by Borrowers/Guaranters/Third Party

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