DEBT RECOVERY TRIBUNAL AND ITS AMENDMENTS
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Abstract
The article carries basic gist about the Debt recovery tribunal and what are the functions conceded on throughout the working of the DRT’s. It specifies the topical amendments made to the DRT act in the year 2016 and what major ups and downs it brought in to the working of recovery of cases. The role of banks in the economy and what play a bank has in generating a soothing working in day-to-day business to minimize the NPA’s and to also provide for the betterment of the business and carry out its basic function to and fro. What all procedures are provided in the DRT act and the problems faced by the banks in their debt restructuring. The DRT act and its constitutional validity and the banks do have the right of repayment from the fraudsters those who do not perform their functions and turn the loan into NPA’s.
The article also talks about the jurisdiction of the DRT from angles required by a person to make a case through DRT act. It also talks about the shortcomings of the act and where the DRT act could have seen improvement and what all loopholes could have been covered by the act. Further it discusses some basic functions and powers of the DRT to explain a better picture of DRT’s.
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