Debt Recovery Tribunal Disputes
Debt Recovery Tribunal (DRT) is a specialized court in India that deals with the recovery of debts from borrowers. The DRT is responsible for hearing cases related to the recovery of debts, typically in cases where a borrower has defaulted on a loan or credit facility.
The DRT has the power to hear cases related to the recovery of debts from individuals, companies, and other entities. The court can issue orders for the recovery of debts, and can also initiate proceedings to seize and sell assets to satisfy outstanding debts. In order to initiate a case in the DRT, the creditor must first file an application with the court, providing details of the debt, the borrower, and the collateral or security that was provided for the loan. The borrower then has the opportunity to file a response to the application, providing their own evidence and arguments.
During the proceedings, both parties may present their cases to the DRT, and the court will make a decision based on the evidence presented. If the court finds in favour of the creditor, it can issue an order for the recovery of the debt, and may also initiate proceedings to seize and sell assets to satisfy the outstanding debt. Overall, the DRT is an important legal forum for creditors to recover outstanding debts from borrowers who have defaulted on loans or other credit facilities. However, it is important for creditors to follow the proper legal procedures and seek professional advice before initiating proceedings in the DRT.