About the Debt Recovery Tribunal:
- The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993.
- Objective: These are established to provide expeditious adjudication and recovery of debts due to Banks and Financial Institutions.
- 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.
- Under section 22(2) in the Recovery Of Debts Due To Banks And Financial Institutions Act, 1993 DRT has the following powers:
- summoning and enforcing the attendance of any person and examining him on oath;
- requiring the discovery and production of documents;
- receiving evidence on affidavits;
- issuing commissions for the examination of witnesses or documents;
- reviewing its decisions;
- dismissing an application for default or deciding it ex parte;
- setting aside any order of dismissal of any application for default or any order passed by it ex parte;
- any other matter which may be prescribed.
- Composition:
- It is headed by the Presiding Officer to be appointed, by notification, by the Central Government.
- Qualification of Presiding Officer: A person shall not be qualified for appointment as the Presiding Officer of a Tribunal unless he is, or has been, or is qualified to be, a District Judge.
- Tenure: The Presiding Officer of a Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment.
