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Expeditious adjudication and recovery of debts due to banks and financial institutions.

 

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eAuction terms
VACANCY CIRCULAR 
CPIO under RTI Act
DRT-2 Regulations, 2015

 
 

 

 


The banks and financial institutions in India have over the years been experiencing considerable difficulties in recovering huge amounts of public money blocked in the hands of defaulting borrowers as the existing procedure for recovery of debts due to banks and financial institutions was not simple, swift and capable of reaching a final decision within a time frame.  

The Government of India, as a step to streamline the system, appointed committees like The Tiwari Committee, the Committee on Financial Systems headed by Shri. M. Narasimham, former Governor of Reserve Bank of India, and High Level Committee headed by V.S. Hegde. These Committees had recommended the setting up of special tribunals for speedy realization of dues of the credit institutions. 

President of India promulgated The Recovery of Debts Due to Banks and Financial Institutions Ordinance, 1993 (Ordinance No.25 of 1993) on 24th June, 1993, to provide for establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions.  

Later, the Ordinance was replaced by The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act) enacted by the Parliament and given assent by the President of India on 27th August 1993. The Act came in to force on 24th June 1993. Immediately Action was initiated by the Government for establishment of Recovery Tribunals and Appellate Tribunals in the country. Presently, there are 29 DRTs and 5 DRATs functioning all over the country. The pecuniary jurisdiction of these Tribunals is Rs.10.00 lakhs and above.The Chennai Debts Recovery Tribunal No.2, Tamilnadu started its functions with effect from 29.03.2001. 

Debts Recovery Tribunals also have jurisdiction over appeals against any of measures taken by the secured creditor or by the authorized officer under sub-section (4) of Section 13 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Appeals can be preferred against the orders of the DRT No.2, Chennai to the Hon'ble Debts Recovery Appellate Tribunal, Southern Region at Chennai.

COMPOSITION

The Debts Recovery Tribunal is headed by a Presiding Officer and the other officers consist of one Registrar, two Recovery Officers and one Assistant Registrar with supporting staff. The total strength of DRT No. 2, Chennai is 30.

SHRI R. RAVINDRA BOSE is the PRESIDING OFFICER of this Tribunal from 06.06.2014

Roll of Presiding Officers who held the charge earlier :
1. SHRI M PAPPU 29.03.2001  TO  09.12.2002(FN)
2. SHRI H.P. CHATURVEDI
    (ADDL. CHARGE)
09.12.2002(AN)  TO  18.08.2003(FN)
3.  SHRI A. VIJAY KUMAR 18.08.2003 TO 18.08.2008
4. SHRI C.P.S. RAMACHARYULU
    (ADDL. CHARGE)
19.08.2008  TO 31.12.2008
5.  SHRI E. JACOB R. DANIEL 01-01-2009 TO 31.12.2013
6.  SHRI K. RAVINDRA BABU (ADDL. CHARGE) 01-01-2014 TO 5.6.2014
7.  SHRI R. RAVINDRA BOSE 06-06-2014