Difference between DRT and DRAT

Difference between DRT and DRAT

The key differences between DRT and DRAT are as follows:

  1. Jurisdiction: The Debts Recovery Tribunal (DRT) is a court that has the power to adjudicate on matters related to the recovery of debts due to banks and financial institutions, whereas the Debts Recovery Appellate Tribunal (DRAT) is an appellate body that hears appeals against the decisions of the DRT.
  2. Powers: The DRT has the power to issue orders and directions to enforce its decisions, and has the power to attach and sell the properties of the borrower to recover the debt. On the other hand, the DRAT has the power to confirm, modify or set aside the decisions of the DRT.
  3. Composition: The DRT is typically headed by a presiding officer who is usually a retired district judge, and has two other members who are typically experienced in banking and financial matters. The DRAT, on the other hand, is headed by a chairperson who is usually a retired High Court judge, and has two other members who are typically experienced in banking and financial matters.
  4. Territorial jurisdiction: The DRT has territorial jurisdiction over the cases filed within its respective jurisdiction, whereas the DRAT has territorial jurisdiction over the appeals filed against the orders and decisions of the DRT in their respective territorial jurisdiction.

In summary, the DRT is a court that has the power to adjudicate on matters related to the recovery of debts due to banks and financial institutions, while the DRAT is an appellate body that hears appeals against the decisions of the DRT. Both bodies are crucial in the resolution of disputes related to the recovery of debts due to banks and financial institutions in India.

What is DRT and DRAT in banking?

DRT and DRAT are legal bodies that play a crucial role in the resolution of disputes related to the recovery of debts due to banks and financial institutions in India.

DRT stands for Debts Recovery Tribunal, which is a special court established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act). The DRT has the power to adjudicate on matters related to the recovery of debts due to banks and financial institutions from their borrowers. It can issue orders and directions to enforce its decisions, and has the power to attach and sell the properties of the borrower to recover the debt.

DRAT stands for Debts Recovery Appellate Tribunal, which is an appellate body that hears appeals against the decisions of the DRT. The DRAT has the power to confirm, modify or set aside the decisions of the DRT. The DRAT is headed by a chairperson who is usually a retired High Court judge, and has two other members who are typically experienced in banking and financial matters.

Overall, the DRT and DRAT are crucial in the resolution of disputes related to the recovery of debts due to banks and financial institutions in India. They ensure that the recovery process is fair and just, and provide a legal framework for the resolution of such disputes.

DRT Debts Recovery Tribunal

The Debts Recovery Tribunal (DRT) is a special court in India that was established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act). The main function of the DRT is to adjudicate on matters related to the recovery of debts due to banks and financial institutions from their borrowers.

The DRT has the power to hear and decide cases related to the recovery of debts, and also to issue various orders and directions to enforce its decisions. The DRT has the power to attach and sell the properties of the borrower in order to recover the debt.

In addition to the DRT, there is also a Debts Recovery Appellate Tribunal (DRAT), which is an appellate body that hears appeals against the decisions of the DRT. The DRAT has the power to confirm, modify or set aside the decisions of the DRT.

Overall, the DRT plays a crucial role in the recovery of debts due to banks and financial institutions in India.

DRAT Debts Recovery Appellate Tribunal

The Debts Recovery Appellate Tribunal (DRAT) is an appellate body established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) in India. Its main function is to hear and dispose of appeals filed against the orders and decisions of the Debts Recovery Tribunal (DRT).

The DRAT is headed by a chairperson who is usually a retired High Court judge, and has two other members who are typically experienced in banking and financial matters. The DRAT has jurisdiction over the appeals filed against the orders and decisions of the DRT in their respective territorial jurisdiction.

The DRAT has the power to hear appeals against the orders passed by the DRT and may confirm, modify, or set aside the decisions of the DRT. The decisions of the DRAT are binding on the parties involved and are considered final, subject to the provisions of the RDDBFI Act.

Overall, the DRAT plays a crucial role in the resolution of disputes related to the recovery of debts due to banks and financial institutions in India.