Debt Recovery Tribunal

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Debt Recovery Tribunal (DRT) Lawyers in India

The Debt Recovery Tribunal (DRT) is a quasi-judicial body in India established in 1993 to expedite the recovery of debts owed to financial institutions and banks. The tribunal is presided over by a judicial officer, assisted by two assessors. Lawyers specializing in handling cases before the DRT are known as DRT lawyers.

At Grand Jury Law Firm, our DRT lawyers are among the best in Chennai, representing the interests of clients, banks, and financial institutions before the Tribunal. Our team is responsible for drafting pleadings, appearing before the Tribunal, and arguing cases on behalf of our clients. Additionally, we provide comprehensive legal advice on various aspects of debt recovery.

Who Can Approach the Debt Recovery Tribunal (DRT)

Borrowers and financial institutions can file their applications for the recovery of debts before the Debts Recovery Tribunals. The Debts Recovery Tribunal has jurisdiction over cases related to guarantee, mortgage, hypothecation, and pledge, including those where banks and financial institutions have advanced loans. Borrowers can file an application in the Tribunal for the recovery of any unpaid debt due and payable under a decree or order of any court made before the commencement of this Act. Similarly, banks or financial institutions can file applications for the recovery of any sums due to them.

Getting a Stay Order before the Debt Recovery Tribunal (DRT)

If you are a debtor, you may be able to obtain a stay order before the DRT, allowing you to stay in your home and prevent your possessions from being seized by the creditor. The process for obtaining a stay order is as follows:

File an application with the DRT.
The DRT will issue a notice to the creditor.
The creditor will have the opportunity to respond to the notice.
If the DRT grants the stay order, it will issue an injunction prohibiting the creditor from taking any action against you or your property.

The injunction will remain in effect until the DRT hears your case and makes a final decision. Obtaining a stay order can buy you time to work out a repayment plan with your creditor and, in some cases, may even lead to the debt being completely written off.

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