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Debt Recovery Laws

Debt Recovery Laws

Recovery of Debts and Bankruptcy (RDB 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

Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest (SARFAESI) Act, 2002 is an Act to regulate securitisation and reconstruction of Financial 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 Tribunal (DRATs) have been established under RDB Act, 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions.

At present, 39 DRTs and 5 DRATs are functioning across the country. Each DRT and DRAT are headed by a Presiding Officer and a Chairperson respectively.

Cases disposed of in last four years(18.07.2022)

Disposal OA and SA registered Cases data from 2017 to 2022

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)
2017-18 26078 67263.91 5851 44045.06
2018-19 33224 146888.93 9459 80819.86
2019-20 30069 111106.57 10301 64588.13
2020-21 8058 26267.04 3754 38187.12

2021-22

13069 91940.25 6330 54007.32
Total 110498 443466.7 35695 281647.49

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

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

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