Banks to conduct performance reviews of advocates to expedite DRT cases | Business News – Business Standard
The meeting also discussed reconciling cases pending in DRTs and DRATs but already disposed of by banks and financial institutions.
Banks will periodically review the performance of empaneled lawyers at Debt Recovery Tribunals (DRTs) and rationalize the cases assigned to them based on performance, the Finance Ministry said on Saturday.
This is part of the issues discussed at a conference of chairmen of Debt Recovery Appellate Tribunals (DRATs) and presiding officers of Debt Recovery Tribunals (DRTs), chaired by Secretary, Ministry of Financial Services, Vivek Joshi.
The meeting was also attended by senior officials from public and private sector banks; Managing Director (CEO), Indian Bank Association (IBA); and senior officials from the Ministry of Finance and the Insolvency and Bankruptcy Board of India (IBBI).
The conference also discussed that DRTs and DRATs would take all possible steps to reduce dependency at various stages through strict monitoring.
Various suggestions regarding changes and amendments in the Debt Collection Tribunal Regulations, SARFAESI Act and RDB Act have been discussed to make the collection process more efficient.
“Banks should periodically review the performance of empaneled advocates and rationalize the allocation of cases to empaneled advocates taking into account their performance,” a finance ministry statement said.
The meeting also discussed that banks and financial institutions would reconcile cases that are still pending in DRTs and DRATs but have already been resolved.
It was also discussed that banks would ensure that their officers would be present at all hearings of their respective cases before judicial forums, the statement said.
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First print: February 17, 2024 | 9:51 PM IST