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What are the Debts Recovery Tribunals? The Debts Recovery Tribunals have been established by the Government of India under an Act of Parliament (Act 51 of 1993) for expeditious adjudication and recovery of debts due to banks and financial institutions. Who can file cases before the DRTs? Where a bank or financial institution has to recover any debt from any person, it makes an application called Original Application (OA) to the Tribunal against such person. What are the functions and procedure of the DRTs? The DRTs function under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and as per the Debts Recovery Tribunal (Procedure) Rules, 1993. What is the pecuniary jurisdiction of the DRTs? The provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 shall not apply where the amount of debt due to bank or financial institution or to a consortium of banks or financial institutions is less than ten lakhs rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify. What is the territorial jurisdiction of DRT No. 2, Chennai? The territorial jurisdiction of DRT No.2, Chennai comprises of 2 Taluks in Chennai District of Tamil Nadu viz., Fort-Tondiarpet Taluk and Guindy-Mambalam Taluk. Who is the Appellate Authority against the orders passed by the DRT No. 2, Chennai? The Debts Recovery Appellate Tribunal for Southern Region at Chennai is the appellate authority for the DRT No. 2, Chennai What is the fee for filing an Original Application (OA) before the Tribunal? The fee payable as per Rule 7 of the Debts Recovery Tribunal (Procedure) Rules, 1993 is Rs.12,000/- where an amount of debt due is Rs.10.00 lakhs, Rs.12,000 plus Rs.1000 for every one lakh of debt due or part thereof in excess of Rs.10.00 lakhs subject to a maximum of Rs.1,50,000/- where an amount of debt due is above Rs.10.00 lakhs. What is the fee for Review Application? The fee for Review Application is fifty per cent of the fee paid for the OA. What is the fee for Interlocutory Application? The fee for filing Interlocutory Application (IA) is Rs.250/-. What is the fee for Vakalatnama? The fee for filing Vakalatnama is Rs.5/-. What is the place of filing of an Application? The application shall be filed by the Applicant with the Registrar within whose jurisdiction the Applicant is functioning as a bank or financial institution as the case may be, for the time being. What are the contents of the Application? Every Application filed under Rule 4 of the DRT (Procedure) Rules, 1993, shall set forth concisely under distinct heads, the grounds for such application and such grounds shall be numbered consecutively and shall be typed in double space on one side of the paper. For actions taken under sub-section (4) of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 by the authorised officer, an application shall lies to the Debts Recovery Tribunal - 2, Chennai under section 17(1) of that Act. |
