DRT Lawyer in Delhi / India

The RDB Act, 1993 provides for the establishment of Debt Recovery Tribunals (DRTs) with original jurisdiction and Debt Recovery Appellate Tribunals (DRATs) with applicants debts of banks and financial institutions, insolvency resolutions and bankruptcies of individuals and partnerships and related matters.

The purpose of the law is to protect the interests of banks and financial institutions as lenders, but not to discourage the opinion of borrowers. 

The courts have not yet started handling insolvency and bankruptcy cases, as the relevant regulations are not yet in force.

Jurisdictions: The Act applies in cases where the amount of debt to a bank or financial institution or an association of banks or financial institutions as defined in the Act is 20,000 rupees or more. If a bank or financial institution must collect a debt from any person, it can make a request according to § 19 of the Tax Code to the court in whose area of ​​operation - the branch or based on § 19 of the Bankruptcy Law. 

The bank or other office of the financial institution has an account on which the claimed debt is currently unpaid; or the defendant, or each defendant, if more than one, is actually and voluntarily living or doing business or working for personal gain at the time of the request; or one of the respondents, if more than one, is actually and voluntarily living or doing business or working for personal gain at the time of the request; or one of the respondents, if more than one, is actually and voluntarily living or doing business or working for personal gain at the time of application; or the cause of action arises in whole or in part.

The objective of the SARFAESI Act, 2002 is to regulate securitization and reconstruction of financial assets and enforcement of security interests and to provide a central security database.

The law simplified the collection procedure for banks and financial institutions to collect secured debts from borrowers without court intervention. 

Borrowers may make applications to the Debt Recovery Tribunals (DRT) in relation to measures taken under this Act to recover security interest and the appellate court for such applications shall lie in the Debt Recovery Tribunal (DRAT). he law applies in cases where the deposit. the interest to secure the repayment of any financial asset is greater than Rs.1000000 and the payment due is not less than 20% of the principal amount and the interest thereon. The law does not apply to agricultural land and certain properties that are not subject to attachment under certain laws.

We also advise our clients on partnership, representative and dealer agreements, debt collection and insolvency matters. We have very rich experience in handling the following:

N.I. Appeal under § 138. Action,Summary of suit filed under Order XXXVII of CPC in Civil Court consisting of Civil Judge, District Judge and High Court with pecuniary jurisdiction, as the case may be,Ordinary civil suit for money and damages,

Representation before Arbitral Tribunal,Application u/s 9 of Arbitration and Conciliation Act, application u/s 34 of Arbitration and Conciliation Act,NCLT insolvency proceedings under Insolvency and Bankruptcy Act and Companies Act,

4 application 44LT44 liquidating before 44LT Consumer Court, in District Consumer Affairs, in District Consumer Affairs, State Consumer Commission and National Consumer Commission

Recovery proceedings under section 19 of RDDBFI Act in Debt Recovery Tribunal 444 4 Recovery cases DRT/DRAT cases under SARFAISI Act and RDDBFI Act ..

 It is accepted by both parties. It is an initial attempt to resolve the dispute before the case goes to court. This is followed by a sponsorship negotiation process. Mediation before trial not only saves the parties time and money, but also speeds up the process. And they also understand the characteristics, behaviours and needs of each group. The process is carried out with the help of a mediator, who manages the communication, but the process itself is strictly confidential. The mediator will work with the parties and their attorneys to resolve the dispute and may not make a decision for either party.All types of cases can go through effective means of mediation before trial, such as marital disputes, business disputes, insurance disputes, civil disputes, etc. Dispute resolutions reached in mediation before trial are written and signed by both parties. A formal settlement agreement is given to the court, and that agreement is binding on both parties.

If a person is harmed by a judicial order issued or deemed to be issued on the basis of this Act, he may appeal to the relevant appellate court in accordance with § 20 of the Debt Collection and Bankruptcy Law. 

The Law If an appeal is preferred by a person whose debt amount is owed to a bank or financial institution or an association of banks or financial institutions, the appellate court will not take the appeal into proceedings, unless that person has deposited 50 percent with the appellate court of the amount of the debt to him as determined by the court in accordance with § 19 ;provided that the appellate court may, for reasons stated in writing, reduce the amount deposited by an amount which must be at least twenty five percent of the amount of the debt deposited pursuant to this section.