Banking And Debt Recovery Services - Expert Legal Solutions

Banking And Debt Recovery

The establishment of Debt Recovery Tribunals (DRTs) under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, marked a significant step in addressing financial disputes. DRTs play a pivotal role in processing claims submitted by banks and financial institutions against noncompliant borrowers. They also serve as the adjudicating body for matters related to the SARFAESI Act since its enactment in 2002.

Dual Mandate of DRTs:

SARFAESI Act: DRTs operate as the judicial authority for the implementation of the SARFAESI Act, addressing issues related to secured asset enforcement and recovery.
Recovery of Debts Act: DRTs also function under the Recovery of Debts Act, with goals akin to the SARFAESI Act, albeit differing in execution methods.

The Appeals Avenue: Debt Recovery Appellate Tribunal (DRAT)
The Debt Recovery Appellate Tribunal (DRAT) holds jurisdiction over appeals arising from DRT orders. It provides a forum for reviewing decisions and addressing disputes arising from the functioning of DRTs.

Legal Academic

Our legal services encompass various family issues

Dissolution of Marriage: Helping you navigate the process of legally ending a marriage.
Restitution of Conjugal Rights: Assisting in cases where one party seeks the return of marital rights.
Child Custody: Guiding you through matters involving the care and custody of children.
Security Orders for Domestic Violence: Providing legal support for victims seeking protection.
Maintenance: Offering assistance in matters of financial support.
Property Disputes: Resolving conflicts related to family property.
Comprehensive Family Assistance: Covering a wide array of family concerns.

Criminal Aspects

Handling complaints under Section 498A of the Indian Penal Code.
Addressing issues under the Protection of Women from Domestic Violence

Act

Resolving complaints under the Dowry Prohibition Act.
Seeking maintenance and addressing various complaints under IPC sections.
Providing legal representation for bail applications.

Civil Aspects

Filing divorce petitions under the Hindu Marriage Act.
Petitioning for child custody under HMA provisions.
Seeking interim maintenance and expenses.
Applying for restitution of conjugal rights.
Suing for joint property partition.

Scope and Jurisdiction:
Banks have the prerogative to refer cases concerning contested loans exceeding Rs 10 lakh to DRTs. Currently, there are 33 DRTs and 5 DRATs operational across various regions in the country. Acknowledging the need for expedited resolution of loan-related disputes, the government introduced six new DRTs in 2014.
Exclusivity of DRT Jurisdiction:
Matters undergoing processing by DRTs are exempt from civil court review. The competence to handle debt collection cases involving amounts exceeding Rs. 10 lakh (Jurisdiction of the DRT) rests solely with the DRT. Pursuant to Articles 226 and 227 of the Constitution, the jurisdiction of the High Court and Supreme Court remains intact.
We comprehend the intricacies of debt recovery proceedings and the role of DRTs. With a keen understanding of banking and debt recovery laws, we stand ready to offer you insightful guidance, strategic representation, and effective solutions in navigating the realm of financial claims and debt recovery.