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⚖️ DRT & Lok Adalat

Comprehensive guide on Debt Recovery Tribunals (DRT), DRAT, and Lok Adalats for loan recovery, including eligibility, jurisdiction, and procedures.

Debt Recovery Tribunals (DRT)

Introduction

Debt Recovery Tribunals (DRTs) are a special type of civil court dealing exclusively with loan recovery cases. They were created under the Recovery of Debt and Bankruptcy Act 1993 (RDB Act).[1] This Act was enacted on the recommendations of the Narasimham Committee-I to provide dedicated tribunals for expeditious adjudication and recovery of bank debts.

Historical Context: The Path to SARFAESI

  • Following the DRTs, RBI notified the One Time Settlement (OTS) Scheme in 1997 & Corporate Debt Restructuring (CDR) Scheme in 2001.
  • Later, a committee under Mr. Andhyarujina was appointed to address loopholes in these previous recovery acts, which ultimately recommended the creation of the powerful SARFAESI Act.
  • Jurisdiction: Applicable to the whole of India (now including J & K).
  • Objective: To expedite recovery in big loan accounts.
  • Exclusivity: Eligible cases can be filed only in DRT and not in other civil courts.

Eligibility Checklist

Criteria Requirement
Minimum Amount ₹20 Lakh (current operative threshold by Central Government notification)
Place for Suit Where the defendant resides/conducts business OR where the cause of action arises.

NOTE

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