| |
Debt Recovery Tribunal (DRT) |
| |
INTRODUCTION : D R T deals with the cases related to N P A (Non Performing Assets) of the secured creditors, mostly banks, under the SARFAESI Act (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002). The banks are supposed to follow the norms and guidelines as stipulated by the RBI for
Recovery of the monies lent to the customers. When a borrower / guarantor aggrieved by the action of the Bank can file an appeal with DRT and then with DRAT, but not with any civil court. The borrower / guarantor has to deposit 50% of the dues before an appeal with DRAT. |
| Debt Recovery Tribunal (DRT) |
| |
ON CIVIL SIDE |
|
| 1. |
Name of service ( RELIEF )
|
Challenging the action of the bank |
| 2. |
Provision of Law |
SARFAESI Act, 2002 |
| 3. |
Name of Act / Procedure / Rule |
SARFAESI Act, 2002 |
| 4. |
Description of service |
To seek set aside the order of Lower Court |
| 5. Documents required for the case : |
| |
| a) |
Notice of the bank, Summons received by the DRT, Other material papers |
|
| 6. Time required for filing the case |
3 days |
| 7. Law Firm Expenses (Depends on case to case) |
| 8. Expenses for filing the case |
To be borne by the client |
|
| |
| |
|
|
