About Debt Recovery Tribunals:
- DRTs are quasi-judicial bodies established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
- Role: Their primary role is adjudicating debt recovery disputes related to banks and financial institutions.
- DRTs handle loan default cases above ₹20 lakh, focusing on secured debts.
- DRTs also hear Securitisation Applications (SAs) filed under the SARFAESI Act, 2002 by borrowers or aggrieved parties.
- There are currently 39 DRTs functioning across India, each headed by a Presiding Officer.
- Composition:
- A DRT is presided over by a judicial officer qualified to be a District Judge.
- It can also have administrative and technical members appointed by the Central Government.
- Powers of DRTs
- Summon and examine witnesses,
- Compel the production of documents,
- Receive evidence on affidavits,
- Review or dismiss applications,
- Conduct ex parte proceedings,
- Issue commissions for document and witness examination.
- Jurisdiction of DRTs: Each DRT has a territorial jurisdiction defined by the Central Government.
- Jurisdiction is limited to cases involving debt recovery by banks and financial institutions.
