WE ARE DRT LAWYERS & CONSULTANTS:-
DRT is specially established for the recovery of debts by the banks and the financial institutions from their customers. The DRT enforces mainly 2 laws-
1. Recovery of Debts due to Banks and Financial Institutions Act, 1993 (in short “RDDBFI Act”) (Popularly DRT practising lawyers called it as “DRT Act” because originally DRT is set up under this Act. )
2. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002. (in short “SARFAESI Act”)
The DRT is setup by Department of Financial Services, under Ministry of Finance. No normal person can approach DRT for recovery of his/her debts, its only for banks and FI’s.
The RDDBFI Act, 1993 is original act under which DRT/DRAT is established. This act deals with all kinds of credits- whether secured or unsecured credit.
The SARAESI Act was enacted after RDDBFI Act, especially for those credits which are secured, since this act gives rights to recover the loan from the mortgaged property itself by under the provisions of the act without going separately to moving application to DRT.
1. Applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions, for filing case in DRT, the minimum amount of due should be Rs.20 Lakh.
2. Applications under Part III (application for insolvency resolution of individuals and unlimited liability partnership firm) of Insolvency and Bankruptcy Code, 2016.
Any person, aggrieved by any of the measures taken by the secured creditor may make an application under section 17 of the SARFAESI Act.
SA= Securitisation Application
OA= Original Application
IA= Interim Application
MA= Miscellaneous Application
RC= Registration Certificate
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