This article is part of a series on |
Judiciary of India |
---|
Law of India |
Debt Recovery Tribunal is a quasi-judicial body formed under the Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993 to facilitate recovery of loans by banks and financial institutions to the customers. Orders of the Debt Recovery Tribunal are appealable before the Debts Recovery Appellate Tribunal. Government of India selects the presiding officer in the Tribunal. The Tribunal is based on Debt Recovery Tribunals Act for a debt which is more than Rs 20,00,000. The Jurisdiction extends to whole of India except to the state of Jammu and Kashmir.
Debts Recovery Tribunals (DRTs) were formed under Banks and Financial Institutions (RDDBFI) Act, 1993 to facilitate debt recoveries by banks and financial institutions and to design an effective mechanism to recover their dues speedily without being subjected lengthy process of civil courts. [1] [2]
The objective of Debt Recovery Tribunal is to ensure recovery of borrowed money from debtors which are due to banks and various financial institutions. [3] Their role is limited to settling the claims and ensure the balance amount related to non-performing assets as categorised by the banks as per the provisions of RBI guidelines are recovered. [3]
Debt Recovery Tribunal has powers of District Court for any claims before it relating to recovery of Debts. [3] The Recovery officer in the tribunal is responsible to execute the recovery orders sanctioned by the Presiding Officers. DRT is bound to follow the legal procedure by laying emphasis on quick disposal of the cases and efficient and effective disposal of orders. [3]
Debt Recovery Tribunal consists of Presiding and Recovery officers. [4]
Debt Recovery Tribunal is applicable for below cases [5]
The Debt Recovery Tribunal Act is applicable in entire India including Jammu & Kashmir after article 370 of the constitution has been made ineffective.
The act is applicable for due amount above Rs. 20, 00,000. [3]
The act is also applicable even if the preliminary application for Debts recovery had been filed only by Banks and the Financial Institutions.
Debt recovery tribunals are set up in 39 places and The debt recovery appellate tribunals are based in 5 places, in India, they are; Mumbai, Delhi, Kolkata, Allahabad, and Chennai .
Debt Recovery Tribunal faces understaffing challenges with most positions not being filled up in time.
A tribunal, generally, is any person or institution with authority to judge, adjudicate on, or determine claims or disputes—whether or not it is called a tribunal in its title. For example, an advocate who appears before a court with a single judge could describe that judge as "their tribunal". Many governmental bodies are titled "tribunals" to emphasize that they are not courts of normal jurisdiction. For instance, the International Criminal Tribunal for Rwanda was a body specially constituted under international law; in Great Britain, employment tribunals are bodies set up to hear specific employment disputes.
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the administrative domain of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992.
The high courts of India are the highest courts of appellate jurisdiction in each state and union territory of India. However, a high court exercises its original civil and criminal jurisdiction only if the subordinate courts are not authorized by law to try such matters for lack of peculiar or territorial jurisdiction. High courts may also enjoy original jurisdiction in certain matters, if so designated, especially by the constitution, a state law or union law.
Article 370 of the Indian constitution gave special status to Jammu and Kashmir, a region located in the northern part of the Indian subcontinent and part of the larger region of Kashmir which has been the subject of a dispute between India, Pakistan and China since 1947. Jammu and Kashmir was administered by India as a state from 17 November 1952 to 31 October 2019, and Article 370 conferred on it the power to have a separate constitution, a state flag, and autonomy of internal administration.
The judiciary of Pakistan is the national system of courts that maintains the law and order in the Islamic Republic of Pakistan. Pakistan uses a common law system, which was introduced during the colonial era, influenced by local medieval judicial systems based on religious and cultural practices. The Constitution of Pakistan lays down the fundamentals and working of the Pakistani judiciary.
The Constitution of India establishes the structure of the Indian government, including the relationship between the federal government and state governments. Part XI of the Indian constitution specifies the distribution of legislative, administrative and executive powers between the union government and the States of India. The legislative powers are categorised under a Union List, a State List and a Concurrent List, representing, respectively, the powers conferred upon the Union government, those conferred upon the State governments and powers shared among them.
The Constitution of Jammu and Kashmir was the legal Constitution which established the framework for the state government of the Indian state of Jammu and Kashmir. The constitution was adopted on 17 November 1956, and came into effect on 26 January 1957. It was rendered infructuous on 5 August 2019 by an order signed by the President of India and ceased to be applicable on that date. It also included Ladakh.
The Board for Industrial and Financial Reconstruction (BIFR) was a development finance institution under the ownership of Ministry of Finance, Government of India, part of the Department of Financial Services of the Ministry of Finance. Set up in January 1987 by the Rajiv Gandhi government, its objective was to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others. On 1 December 2016, the Narendra Modi government dissolved BIFR and referred all proceedings to the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) as per provisions of Insolvency and Bankruptcy Code.
Courts in the National Capital Territory (NCT) of Delhi include:
The Indian Corporate Law Service (Hindi: भारतीय कॉरपोरेट विधि सेवा), abbreviated as ICLS, is one of the Central Civil Services and it functions under the Ministry of Corporate Affairs, Government of India. The service is entrusted with the responsibility of the implementation of Companies Act,1956(now repealed), Companies Act, 2013 and The Limited liability Partnership Act, 2008.
Maintenance and Welfare of Parents and Senior Citizens Act, 2007 is a legislation, initiated by Ministry of Social Justice and Empowerment, Government of India to provide more effective provision for maintenance and welfare of parents and senior citizens. It makes it a legal obligation for children and heirs to provide maintenance to senior citizens and parents, by monthly allowance. It also provides simple, speedy and inexpensive mechanism for the protection of life and property of the older persons. After being passed by the Parliament of India, it received President's assent on December 29, 2007.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 is an Indian law. It allows banks and other financial institutions to auction residential or commercial properties of defaulters to recover loans. The first asset reconstruction company (ARC) of India, ARCIL, was set up under this act. By virtue of the SARFAESI Act 2002, the Reserve Bank of India has the authority to register and regulate Asset Reconstruction Companies (ARCs).
The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.
The Supreme Court of Azad Jammu and Kashmir is the highest court of appeal in Azad Jammu and Kashmir. It consists of a Chief Justice and two other Judges.
The Jammu and Kashmir Reorganisation Act, 2019 is an act of the parliament of India containing provisions to reconstitute the Indian-administered state of Jammu and Kashmir into two Indian-administered union territories (UTs) called Jammu and Kashmir, and Ladakh, and becoming effective on 31 October 2019. A bill for the act was introduced by the Minister of Home Affairs, Amit Shah, in the Rajya Sabha on 5 August 2019 and was passed on the same day. It was then passed by the Lok Sabha on 6 August 2019 and it received the president's assent on 9 August 2019.
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013. The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India,
Bar Council of Madhya Pradesh is the regulatory and statutorily representative body for lawyers practicing law in the state of Madhya Pradesh. It was constituted as per the mandatory requirement as per Advocates Act, 1961 and Bar Council of India. In March 1953, S. R. Das as head of the 'All India Bar Committee', proposed the creation of the apex body as an All-India Bar Council and Bar council at state levels and submitted a report to the Central Government of India. Members of the Bar Council are elected from among members enrolled and practicing as lawyers practicing law in the state of Madhya Pradesh and they represent the state in Bar Council of India meetings. Bar Council of a place designs standards of professional conduct to be followed by members, and designs etiquettes and has the power to enforce disciplinary guidelines over the members of bar council.
Punjab State Electricity Regulatory Commission is an autonomous, statutory and regulatory body constituted for ensuring generation and distribution of electricity in state of Punjab. Punjab Electricity Regulatory Commission is formed as per Constitution of India by notification in official gazette in accordance with Electricity Regulatory Commissions Act, 1998. The commission is vested with legislative and judicial powers to resolve conflicts between license holders of production and distribution of electricity, or consumers and electricity distribution entities and with authority to draft regulations and sub ordinate regulations. The President and other members of State Electricity Regulatory Commission (India) are appointed by Government of Punjab in consultation with the Chief Justice of state High Court.
Securities Appellate Tribunal is an Indian statutory and autonomous body created to hear appeals against the orders of India's main financial regulators. The presiding officer and other members of the Board are elected by the selection committee of the Prime Minister of India. Jurisdiction of Securities Appellate Tribunal extends to companies situated across India.
The Azad Jammu & Kashmir Election Commission is an independent, autonomous, permanent and constitutionally established body responsible for organizing and conducting elections to the Azad Jammu and Kashmir Legislative Assembly, Kashmir council, local governments, and the office of President of Azad Kashmir, as well as the delimitation of constituencies and preparation of electoral rolls. In accordance with the principles set down in the Interim Constitution of AJK, the commission makes the necessary measures to guarantee that the election is conducted honestly, justly, fairly, and in compliance with the law, and that corrupt practices are prevented.