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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.
The law does not apply to unsecured loans, loans below ₹100,000 or where remaining debt is below 20% of the original principal. This law allowed the creation of asset reconstruction companies (ARC) and allowed banks to sell their non-performing assets to ARC's. Banks are allowed to take possession of the collateral property and sell it ...
Long title: An Act to make provision about tribunals and inquiries; to establish an Administrative Justice and Tribunals Council; to amend the law relating to judicial appointments and appointments to the Law Commission; to amend the law relating to the enforcement of judgments and debts; to make further provision about the management and relief of debt; to make provision protecting cultural ...
The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal. Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
It was complemented by the corporate debt restructuring package under which lenders and borrowers would meet to agree on a way of recasting stressed debt. [6] National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) would take over the functions of the BIFR and other bodies and speed up the process of winding ...
Some of the recommendations around creation of Asset Reconstruction Companies as means to securitize bad debt are built on the recommendations from his committee. [7] His committee also introduced the notion of an asset reconstruction fund to take over bad loans. As a follow-up, six special debt recovery tribunals were set up.
Apart from the above courts, there are various tribunals in Delhi. These institutions have been established for discharging judicial or quasi-judicial duties in order to reduce the case load of the judiciary, and bring subject expertise for technical matters. [5] Appellate Tribunal for Electricity [6] Central Administrative Tribunal [7]