DRT (Debt Recovery Tribunal) is a specialized quasi-judicial forum in India. It was established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act). Moreover, the tribunal facilitates speedy and efficient recovery of debts owed to banks and financial institutions, reducing the burden on regular civil courts.
The DRT has the power to resolve disputes related to defaults in repayment of loans, advances, or other financial obligations by borrowers. It can issue recovery orders, attach assets, and take other actions to ensure repayment. In particular, the tribunal handles cases where the debt exceeds a specified monetary threshold under the Act. Seeking advice from the best drt lawyers in delhi can help navigate these proceedings effectively and protect your interests.
Filing cases before the DRT requires strict compliance with procedural rules, submission of relevant documents, and timely applications. Furthermore, legal expertise is crucial in cases involving large sums, complex loan agreements, or corporate borrowers. Experienced best drt lawyers in delhi can provide strategic guidance, represent clients efficiently, and improve the chances of favorable outcomes. Overall, the DRT plays a key role in maintaining stability in India’s banking and financial sector, holding borrowers accountable, and promoting confidence in the credit system.
