Debt Recovery Tribunal- The composition and working system

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In case of increase in the workload in the tribunal, provision has been made to form a bench as per the need by increasing the number of members as per the Act.  According to this arrangement, there will be one law, banking and accounting member in each session.  So far, only one bench has been constituted in the tribunal and from this, the entire work of debt recovery cases of banks and financial institutions has been settled.
 After the cases registered in the tribunal have matured as per the rules, there is an arrangement to hear the case on daily and weekly basis in the session of the tribunal.  Debates are held in the court by the stakeholders of the case i.e. the parties to the case, the learned legal practitioners from the opposition side and after the end of the debate, the final decision of the case is taken by the bench.  The case can be decided in the presence of two members including the law member but in the absence of the law member all kinds of orders and other action can be taken from the other two members.  There is a legal provision that in case of disagreement among the members on the points or issues related to the case, the actual transaction should be reported to the appellate hearing officer of the Debt Recovery Appellate Tribunal.

Comments

  1. AnushreeJuly 4, 2022 at 2:19 PM

    We appreciate you sharing this useful information with us. Businesses today are expanding quickly, and with that growth comes an increase in debt. In order to have appropriate solutions for the recovery of debt and enhance cash flow in their firm, you must outsource receivables to a debt collections assessment / agency to handle this issue. Keep it up!

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