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
T. RAJESH
is the PRESIDING OFFICER of
this Tribunal from 04.07.2020
|
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 TO 5.6.2019 |
|
8.
SHRI N.V. BADARINATH (ADDL. CHARGE) |
6.6.2019 to 3.7.2020 |
|
9.
SHRI T. RAJESH |
4.7.2020 |
