DRT Lawyers in Chennai
The Debt Recovery Tribunal (DRT) is a quasi-judicial body in India that was established in 1993 for the purpose of expediting the recovery of debts owed to financial institutions and banks.
Debt Recovery Tribunal
DRT Lawyers in India
The Debt Recovery Tribunal is a quasi-judicial body in India that was established in 1993 for the purpose of expediting the recovery of debts owed to financial institutions and banks. The tribunal is presided over by a judicial officer, who is assisted by two assessors. And the person who handles such cases are know as DRT lawyers.
The Aran Law Associates in India are the best practicing DRT lawyers in Chennai play an important role in representing the interests of their clients, banks, and financial institutions before the Tribunal. They are responsible for drafting pleadings, appearing before the Tribunal, and arguing cases on behalf of their clients. In addition, they provide legal advice to clients on various aspects of debt recovery.
DRT Lawyers in India have extensive experience handling cases before the Tribunal and are well-versed in the tribunal’s procedural law. They are able to provide their clients with strategic legal advice and represent them effectively before the tribunal. The lawyers at our firm have represented numerous banks and financial institutions before the Debt Recovery Tribunal and have acquired a wealth of experience in this area of law. We are well-versed in the law governing debt recovery tribunals and are familiar with the various procedures that need to be followed before the tribunal
Who Can approach the Debt Recovery Tribunal (DRT)
Borrowers can file their applications for recovery of debts before the Debts Recovery Tribunals. The Debts Recovery Tribunal has the jurisdiction to try and decide cases relating to guarantee, mortgage, hypothecation, and pledge. It also includes cases where banks and financial institutions have advanced loans. The borrower can file an application in the Tribunal for recovery of any unpaid debt which is due and payable under a decree or order of any court made before the commencement of this Act. An application can also be filed by a bank or financial institution for the recovery of any sum which is due and payable to it.
During the procedures before the Debts Recovery Tribunal, the borrowers must first provide proof of their debt and plan for repayment to the lender. Once this proof is provided, the Tribunal will hear both sides of the case and make a decision based on the evidence presented. In many cases, the Tribunal will order the lender to repay the debt in full. However, if the borrower is unable to repay the debt, the Tribunal may order a partial or full waiver of the debt. In either case, the Debts Recovery Tribunal can provide borrowers with an important avenue for recovering their debts.
Getting Stay Order before the Debt Recovery Tribunal (DRT)
DRT is a tribunal that has been established in India to help banking institutions recover debts. If you are a debtor, you may be able to get a stay order before the DRT. This will allow you to stay in your home and not have your possessions seized by the creditor. The process for getting a stay order is as follows:
- You must first file an application with the DRT.
- The DRT will then issue a notice to the creditor.
- The creditor will have an opportunity to respond to the notice.
- If the DRT grants the stay order, it will issue an injunction prohibiting the creditor from taking any action against you or your property.
- The injunction will remain in effect until the DRT hears your case and makes a final decision. If you are successful in getting a stay order, it can buy you some time to work out a repayment plan with your creditor. In some cases, it may even lead to the debt being completely written off.
Appeal before DRAT (Debt Recovery Appellate Tribunal)
If you have been ordered to pay a debt by the Debt Recovery Tribunal (DRT), you may have the right to appeal the decision. The Debt Recovery Appellate Tribunal (DRAT) is a court that hears appeals from decisions made by the DRT. If you want to appeal your case, you must file a notice of appeal with the DRAT within 30 days of the date of the original order. You will then need to appear before the DRAT and present your argument.
If you win your appeal, the DRAT will set aside the original order and may require the creditor to pay your legal costs. If you lose your appeal, you will be required to pay the debt plus any interest and legal costs that have been incurred. Whether you choose to appeal your case will depend on the facts of your individual situation. You should consult with a legal professional before making a decision.
- The Debt Recovery Appellate Tribunal (DRAT) is a court that hears appeals from the Debt Recovery Tribunal (DRT). The DRT is a lower court that hears cases involving the recovery of debts. The DRAT is located in Delhi, India.
- Any person who has been aggrieved by an order of the Debt Recovery Tribunal may file an appeal before the Debt Recovery Appellate Tribunal. An appeal must be filed within 45 days from the date of the order of the Debt Recovery Tribunal.
- The Debt Recovery Appellate Tribunal consists of a presiding officer and two other members. The presiding officer must be a judge of a High Court or a person who is qualified to be a judge of a High Court.
- The Debt Recovery Appellate Tribunal has the power to reverse, modify or confirm the orders of the Debt Recovery Tribunal. The Debt Recovery Appellate Tribunal also has the power to direct the Debt Recovery Tribunal to re-try the case in accordance with law.
- The Debt Recovery Appellate Tribunal may pass such other order as it thinks fit. An appeal before the Debt Recovery Appellate Tribunal shall be heard on merit and shall be decided in accordance with law.