Who is chairperson of Drat?
The Allahabad-based DRAT will be headed by Justice Rajesh Dayal Khare, who has served as a former judge of the Allahabad High Court. Justice S Ravi Kumar, a former judge of the Andhra Pradesh High Court, has been appointed as the chairperson of the Chennai-based tribunal.
What is drat in banking?
The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions.
Who appointed presiding officer of DRT?
The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for the appointment of former District and Sessions Judges Man Mohan Dhonchak and Anand Sagar Narang as the presiding officers of two Debts Recovery Tribunals (DRTs) in Chandigarh.
What is the role of DRT?
The main objective and role of DRT is the recovery of funds from borrowers which is payable to banks and financial institutions. The Tribunals power is limited to settle cases regarding the restoration of the unpaid amount from NPAs as declared by the banks under the RBI guidelines.
What is the tenure of presiding officer?
— The Presiding Officer of a Tribunal shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment: Provided that no person shall hold office as the Presiding Officer of a Tribunal after he has attained the age of sixty-five years.]
Which of the following decides on applications from banks and financial institutions for recovery of debts due to them?
17. Jurisdiction, powers and authority of Tribunals. —(1) A Tribunal shall exercise, on and from the appointed day, the jurisdiction, powers and authority to entertain and decide applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions.
How many Drat are there in India?
The genesis of DRT and its legal prerogative in crux is inspired by international trends. The Government of India has constituted 39 DRTs and five DRATs across the country to help banks/financial institutions to recover their bad debts quickly and efficiently.
What kind of cases are filed in DRT and drat?
DRAT being the Appellate Tribunal shall have the jurisdiction to entertain appeals against any order made by a DRT under the Act. However, Supreme Court has adjudged that DRT and DRAT cannot decide upon cases like succession rights of property, issuance of receipts, etc.
Who can be presiding officer of tribunal?
“A person shall not be qualified for appointment as Presiding Officer of the Debts Recovery Tribunal, unless he, is, or has been, a District Judge.” apply/submit a fresh application for the post of PO, if they are willing and eligible as per the present qualifications/eligibility criteria. 3.
What is the tenure of members of appellate authority?
The Appellate Body is composed of seven Members who are appointed by the Dispute Settlement Body (DSB) to serve for four-year terms. Each person may be reappointed for another four-year term. Terms are staggered, ensuring that not all Members begin and complete their terms at the same time.
How many members are there in Securities Appellate Tribunal?
two members
SAT is a quasi-judicial body that hears appeals against orders passed by market regulator Sebi, insurance regulator Irdai and pension sector regulator PFDRA. Currently, the tribunal is functioning with just two members–Presiding Officer Tarun Agarwala and Judicial Member M T Joshi.