What are the Debts Recovery Tribunals?
The Debts Recovery Tribunals have been established by the Government of India under an Act of Parliament (Act 51 of 1993) for expeditious adjudication and recovery of debts due to banks and financial institutions.
Who can file cases before the DRTs?
Where a bank or financial institution has to recover any debt from any person, it makes an application called Original Application (OA) to the Tribunal against such person.
What are the functions and procedure of the DRTs?
The DRTs function under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and as per the Debts Recovery Tribunal (Procedure) Rules, 1993.
What is the pecuniary jurisdiction of the DRTs?
The provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 shall not apply where the amount of debt due to bank or financial institution or to a consortium of banks or financial institutions is less than ten lakhs rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
What is the fee for filing an Original Application (OA) before the Tribunal?
The fee payable as per Rule 7 of the Debts Recovery Tribunal (Procedure) Rules, 1993 is Rs.12,000/- where an amount of debt due is Rs.10.00 lakhs, Rs.12,000 plus Rs.1000 for every one lakh of debt due or part thereof in excess of Rs.10.00 lakhs subject to a maximum of Rs.1,50,000/- where an amount of debt due is above Rs.10.00 lakhs.
What is the fee for Review Application?
The fee for Review Application is fifty per cent of the fee paid for the OA.
What is the fee for Interlocutory Application?
The fee for filing Interlocutory Application (IA) is Rs.250/-.
What is the fee for Vakalatnama?
The fee for filing Vakalatnama is Rs.5/-.
What is the fee for an appeal against the order of the Recovery Officer?
Rs.12,000/- if the amount appealed against is less than Rs.10 lakhs.
Rs.20,000/- if the amount appealed against is Rs.10 to 30 lakhs.
Rs.30,000/- if the amount appealed against is more than 30 lakhs.
What is the fee for perusal of documents?
Rs.100/- per case.What is the fee payable for certified copies of documents?Rs.5 per page.
What is the place of filing of an Application?
The application shall be filed by the Applicant with the Registrar within whose jurisdiction the Applicant is functioning as a bank or financial institution as the case may be, for the time being.
What are the contents of the Application?
Every Application filed under Rule 4 of the DRT (Procedure) Rules, 1993, shall set forth concisely under distinct heads, the grounds for such application and such grounds shall be numbered consecutively and shall be typed in double space on one side of the paper.