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Lenders, realising the degree of difficulty involved in recovering the bad loans, moved the Debt Recovery Tribunal ( DRT) Bangalore.
Expressing concerns over the rising Non Performing Assets (NPA) of Public Sector Banks (PSBs) the Union Finance Minister announced setting-up of six new Debt Recovery Tribunals at Chandigarh, Bangaluru, Ernakulum, Dehradun, Silliguri and Hyderabad.
Also, recovery times in Debt Recovery Tribunal (DRT) could be further reduced by streamlining procedures at every stage so that delays could be minimized and remedial measures taken.
A Debt Recovery Tribunal in Mumbai invited bids from prospective buyers for the ailing car company, an arm of the Korean auto giant Daewoo.
THE Debt Recovery Tribunal and the SARFAESI Act are the two routes that lenders are now resorting to for recovering the bad loans.
New Delhi, June 6 ( ANI ): Finance Minister Pranab Mukherjee on Wednesday called upon the Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) to suggest ways to expedite the unlocking of resources of various banks locked in the form of Non Performing Assets (NPAs).
The Recovery of Debts due to the Banks and Financial Institutions Act,1993 (RDDBI Act) was enacted to provide for the establishment of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) for expeditious adjudication and recovery of debts due to banks and financial institutions.
Companies undertake corporate debt restructuring ( CDR) for negotiating with banks, while banks can approach the debt recovery tribunals ( DRTs) or resort to Sarfaesi Act for recovery of loans.