Table of Contents
Who appointed presiding officer of DRT?
The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for appointment of Presiding Officers into 18 Debts Recovery Tribunals (DRTs) across India. The appointments have been made at a pay level of Rs.
How do you approach a DRT?
The applicant should apply with the Registrar within whose jurisdiction the applicant is functioning as a bank or financial institution in the present. An application should be presented in the prescribed format. The application can be presented by the applicant or by his agent or by an authorised legal practitioner.
Who is the Presiding Officer in the tribunals?
India Code: Section Details. (1) A Tribunal shall consist of one person only (hereinafter referred to as the Presiding Officer) to be appointed, by notification, by the Central Government.
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 or until he attains the age of sixty years, whichever, is earlier.”
Can DRT review its own order?
27-09-2018 10/ 15 and Bankruptcy Act, 1993, the DRT would power to review its own order, the DRT would have jurisdiction to review its order passed under SARFAESI Act, 2002 also.
Who can file a case in DRT?
The application shall be filed by the applicant with the Registrar within whose jurisdiction the applicant is functioning as a bank or financial institution, as the case may be, for the time being. Rs. 1,000 for every one lakh, subject to a maximum of Rs. 1,50,000.
Who is Authorised officer under Sarfaesi Act?
All the Chief Managers working at Branches/Controlling offices are empowered to Act as “Authorized Officers” and can exercise the powers given under the SARFAESI Act, 2002.
What is OA and SA in DRT?
There are different types of applications that can be filed under the DRT, including OA (Original Application), SA (Securitization Application), IA(Interlocutory Application), MA (Miscellaneous Application). As of now, there are 39 such DRTs in India. The powers of a DRT are the same as those of a civil court.
What is the tenor of a Presiding Officer of a DRT?
By IndianMandarins- 09 Jun 2020. The NaMo administration on Monday cleared the appointment of Presiding Officers in 13 Debts Recovery Tribunals for a period of 04 years till attaining the age of 65 years.
What is DRT court fee?
Rs. 1,000 for every one lakh, subject to a maximum of Rs. 1,50,000.
Does Limitation Act apply to DRT?
DRT can’t apply Sec 5 of the Limitation Act, 1963, and condone the delay in filing an appeal against the order of Recovery Officer.
Can DRT cancel sale certificate?
There is no provision in the SARFAESI Act for cancellation of the sale certificate.
What is Section 14 under sarfaesi?
“In terms of Section 14, the secured creditor can file an application before the Chief Metropolitan Magistrate or the District Magistrate, within whose jurisdiction the secured asset or other documents relating thereto are found for taking possession thereof.
What is Ma and IA in DRT?
There are different types of applications that can be filed under the DRT, including OA (Original Application), SA (Securitization Application), IA(Interlocutory Application), MA (Miscellaneous Application). As of now, there are 39 such DRTs in India.
What is IA in DRT?
Following are the pleadings which are filed in DRT by the parties. Original Application (O.A) refers to the claim filed by the bank or financial institution for recovery of debt from the borrower. Interlocutory Application (I.A) refers to the applications filed during the pendency of the case.
What power does a presiding officer have?
A presiding officer has the duty to conduct a fair and impartial hearing according to law, to take appropriate action to control the prehearing and hearing process, to avoid delay and to maintain order.