Debts Recovery Tribunal facilitate the debt recovery involving banks and other financial institution with their customers. It was introduced by the central government. DRT'S can now take cases from the banks for disputed loans above Rs 20 lakhs. Compared to ordinary court procedures, DRTs handle many cases with low delay during the initial phases. DRT lawyers provide the best legal consultation.
Function of DRT
The primary role of DRT is to recover the funds from the borrowers, which are payable to banks and financial institutions. The power of the tribunals is limited to settle cases regarding the restoration of the unpaid amount from NPA's as declared by the banks under the RBI guidelines. DRT follows the legal procedure by emphasizing the fast implementation of the final order.
Role of DRT lawyers in the process
The DRT lawyers help to recover all outstanding loans due to banks and financial institutions. The legal lawyers help in filing the application in the prescribed format. The application needs to be presented to the tribunal's registrar within whose jurisdiction the case falls or can be sent through the registered post addressed to the registrar.
After applying, the post should be submitted on the same day as receiving the request by the registrar. Then the presentation and verification of the application are found to be in order; it should be dully registered and give a serial number. After issuance of original application number and summon after verifying the application. If the result does not match your favor, you can appeal against the recovery officer to the DRT within 30 days from the order date.
Filing a DRT case is not easy as we see. There are many procedures before filing a case, during the case, and after the case. Every process should be done carefully as small mistakes lead to severe problems. So having legal advice from a trustworthy lawyer will give you a hassle-free solution to your case.Being the DRT Lawyers in Chennai we offer you the top class service in all possible aspects.
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