Advocate N.K. Verma - Banking & DRT Advocate in High Court | DRT | Chandigarh | Punjab | Haryana | SARFAESI

Banking & DRT Advocates in Chandigarh | Haryana | Punjab | Himachal Pradesh | SARFAESI

DEBTS RECOVERY TRIBUNAL

Earlier, Loan Recovery cases were being dealt by normal Civil Courts which dealt a lot more other type of cases leading to far lesser importance to Loan Recovery cases than needed. As a result, there was unwarranted delay in resolution of such cases and thus in the relief to the Creditors. DRTs were constituted under Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI), 1993 as a measure to boost the speed of disposal of Loan Recovery cases in India.

The N.K. Verma & Associates as a firm provides you with legal experts who are well conversant with the nuances of Legal Procedures while filing your Recovery suits. Our dealing in DRT matters for so long has bestowed us with appreciable experience in the area so that we know how to connect Legal procedures and Legal Knowledge in a manner which gives you best possible results. Banking & DRT Advocates in Chandigarh.

We, as a firm, are acknowledged for providing swift and desired recoveries because of our long practice in the DRT matters which has made us efficient in the field.

RDDBFI Amendment Act 2016

As a breakthrough, the Act brought with itself stipulated time periods within which each case must be brought to a decision.Time limits for filing of written statements, passing of orders, appeals, etc. have been reduced. It empowers the Central Government to provide for uniform procedural rules for the effective working of the Tribunals.The amendment allows banks to file cases in DRTs having jurisdiction over the area of the branch where the debt is pending, instead of the DRT having jurisdiction over the defendant’s area.

Similarly, to reduce delays, the cost on a debtors to delay recovery through protracted appeals and proceedings has been raised to 25% of the outstanding amount to file an appeal.

Our N.K. Verma & Associates team hones its capabilities with changing circumstances and laws. We know how to fulfill each and every step within the statutorily specified time limits and in the most effective manner to make results palpable for you. Banking & DRT Advocates in Chandigarh. Best DRT Advocates in Chandigarh | Punjab | Haryana – Advocate – Banking Lawyers in Chandigarh – SARFAESI Lawyers – DRT Lawyer in Chandigarh | Punjab | Haryana

Role of DRTs

Their main object is to try and settle cases for recovery of loans and amounts from NPAs as classified by the banks in accordance with RBI guidelines in a timely and efficient manner. With the establishment of DRT the procedure for recovery of dues has become faster and cost effective.

This has been complemented by Recovery officer who guide the execution of Recovery Certificates as passed by the Presiding Officers. The Tribunal is required to follow the legal process ensuring speedy disposal of the recovery cases and fast execution of the final Recovery Orders. To ensure swift disposal of cases several efforts have been made- the amendment to the RDBBFI Act 1993 made in 2016. The new Insolvency and Bankruptcy Code gives power to DRTs for considering cases of Bankruptcy from people as well as unlimited liability partnerships.

Applicability of the Act

The Act is applicable to whole of the country.
It applies where the due amount is not below Rs. 10, 00,000
Applies to Recovery filed by Banks and the Financial Institutions only.

Hence, Debt recovery tribunals are established by the central government to control the losses faced by the banks and NonBanking Financial Companies.

The N.K. Verma & Associates team knows how to plate for you the results you desire through our specialized and pragmatic approach towards the DRT matters prioritizing your financial needs.

With the establishment of DRT the procedure for recovery of dues has become faster and cost effective. Best DRT Advocates in Chandigarh | Punjab | Haryana – Advocate – Banking Lawyers in Chandigarh – SARFAESI Lawyers – DRT Lawyer in Chandigarh | Punjab | Haryana

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INSOLVENCY AND BANKRUPTCY CODE

Advocate N.K. Verma - Banking & DRT Advocate in High Court | DRT | Chandigarh | Punjab | Haryana

Phone: +91-97815-15000

Email: advnand@ymail.com

Chamber No. 71 Punjab & Haryana High Court, Chandigarh, 160001

DRT Advocate, SARFAESI Advocate, DRT Lawyers

N.K. Verma & Ass.