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The meeting also discussed that banks and financial institutions would reconcile cases which are pending in DRTs and DRATs but have already been settled
Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise the cases assigned to them based on performance, the finance ministry said on Saturday.
This is part of the issues discussed at a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi.
The meeting was also attended by senior officers from the public and private sectors banks; chief executive officer (CEO), Indian Bank Association (IBA); and senior officers from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI).
The conference also discussed that DRTs and DRATs would take all possible steps to reduce pendency at various stages through strict monitoring.
Several suggestions regarding changes and amendments in Debts Recovery Tribunal Regulations, SARFAESI Act and RDB Act discussed to make the process of recovery more efficient.
“Banks to conduct periodical review of the performance of empanelled advocates and rationalise the assignment of cases to the empanelled advocates taking into account their performance,” a finance ministry statement said.
The meeting also discussed that banks and financial institutions would reconcile cases which are pending in DRTs and DRATs but have already been settled.
It was also discussed that banks would ensure presence of their officers at all the hearings of their respective cases before judicial forums, the statement added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 17 2024 | 9:51 PM IST
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