Ministry of Finance
DFS Secretary chairs conference of heads of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) in New Delhi
Posted On:
17 FEB 2024 5:03PM by PIB Delhi
Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired a Conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by Department of Financial Services in New Delhi, today.
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The meeting was also attended by senior officers from the Public and Private Sectors Banks; Chief Executive Officer (CEO), Indian Bank Association (IBA); and senior officers from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI).
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During the meeting, wide ranging discussions were held with stakeholders to enhance the efficacy of DRTs for expeditious recovery of debts. The main issues discussed during the meeting included:
- DRTs and DRATs to take all possible steps to reduce pendency at various stages through strict monitoring.
- Several suggestions regarding changes and amendments in Debts Recovery Tribunal Regulations, SARFAESI Act and RDB Act discussed to make the process of recovery more efficient.
- Banks to conduct periodical review of the performance of empanelled Advocates and rationalise the assignment of cases to the empanelled advocates taking into account their performance.
- Leveraging the under development e-Auction platform for listing and auction of properties of banks and financial institutions under the provisions of various Acts- SARFAESI Act, 2002, RDB Act, 1993 and IBC, 2016.
- Banks and Financial Institutions to reconcile cases which are pending in DRTs and DRATs but have already been settled.
- Banks to ensure presence of their officers at all the hearings of their respective cases before judicial forums.
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