Banking / Finance Law
Debt Recovery Tribunal (DRT)
A specialised tribunal for the recovery of debts owed to banks and financial institutions above a specified value.
DRTs were set up to give banks a faster route to recover large dues compared to ordinary civil courts, and also hear challenges from borrowers against specific bank actions taken under debt recovery and securitisation laws.
Appeals from a DRT's decision go to the Debt Recovery Appellate Tribunal, and from there, in appropriate cases, to the High Court.
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