IANS | 18 Feb, 2024
A high-level meeting chaired by the Secretary of the Finance
Ministry’s Department of Financial Services, Vivek Joshi, on Saturday
discussed steps to expedite the recovery of debt and enhance the
efficiency of debt recovery tribunals.
The meeting was attended
by Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and
Presiding Officers of Debt Recovery Tribunals (DRTs).
Senior
officers from 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)
also attended the meeting.
The main issues discussed during the meeting included:
* DRTs and DRATs to 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.
* Leveraging the under development e-Auction
platform for listing and auction of properties of banks and financial
institutions under the provisions of various Acts- SARFAESI Act, 2002,
RDB Act, 1993 and IBC, 2016.
* Banks and Financial Institutions to reconcile cases which are pending in DRTs and DRATs but have already been settled.
* Banks to ensure presence of their officers at all the hearings of their respective cases before judicial forums.
