Hastings Chambers
3rd Floor, Room #3A, 7C, Kiran Shankar Roy Road,
Kolkata - 700 001, West Bengal, India.

 

Mobile No. : 98311 03325 / 98304 21737

 

Phone No. : +91-33-2242 8829 / 30 / 2248 4094

 

E-mail : utpalmajumdaradvocates@gmail.com

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DEBT RECOVERY TRIBUNAL

 

WHAT IS THE FULL FORM OF DRT?

 

Debts Recovery Tribunal. The Debts Recovery Tribunal have been constituted under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The original aim of the Debts Recovery Tribunal was to receive claim applications from Banks and Financial Institutions against their defaulting borrowers.

 

WHAT IS DEBT RECOVERY TRIBUNAL ACT?

 

It came on the Statute Book as THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 (51 of 1993). 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.


 

WHAT IS DEBT RECOVERY TRIBUNAL IN BANKING?

 

Debt Recovery Tribunals were established to facilitate the debt recovery involving banks and other financial institutions with their customers. DRTs were set up after the passing of Recovery of Debts due to Banks and Financial Institutions Act (RDBBFI), 1993.

 

WHAT DOES DEBT RECOVERY MEAN?


A bad debt recovery is business debt from a loan, credit line, or accounts receivable that is recovered either in whole or in part after it has been written off or classified as a bad debt. Because it generally generates a loss when it is written off, a bad debt recovery usually produces income.

 

WHAT IS DRT COURT?


Debt recovery tribunals were created in 1993 through an act to speed up cases for financial recovery by Banks.DRT is a special court which deals with the cases of defaulting firms. It tries to forge a compromise formula between debtor and creditors.


 
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Location
Hastings Chambers
3rd Floor, Room #3A, 7C, Kiran Shankar Roy Road, Kolkata - 700 001, West Bengal, India.
Phone : +91-33-2242 8829 / 30 / 2248 4094
Email : utpalmajumdaradvocates@gmail.com
Website : www.advocatesutpalmajumdar.com
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