Recovery Of Debt & Bankruptcy

About Recovery Of Debt & Bankruptcy

Good App For Study And Read Recovery of Debts and Bankruptcy Act 1993 (RDB)

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'The Recovery of Debts and Bankruptcy Act, 1993' established the Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) to provide expeditious adjudication and recovery of debts due to banks and financial institutions.

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At present, 39 DRTs and 5 DRATs are functioning across the country. E-filing of pleadings is mandatory where the debts to be recovered are rupees one hundred crore and above.

The Act repealed the Recovery of Debts Due to Banks and Financial Institutions Ordinance, 1993. The Presiding Officer of DRT Act proposed to function also as Adjudicating Authority under Insolvency and Bankruptcy Code, 2016. The Chairperson of DRAT will also function as Appellate Authority under Insolvency Code.

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