Finance Ministry Focuses on Streamlining Debt Recovery Tribunals

A high-level meeting chaired by Vivek Joshi, Secretary of the Finance Ministry’s Department of Financial Services, aimed to expedite debt recovery and enhance efficiency in debt recovery tribunals (DRTs).

Attendees included Chairpersons of Debt Recovery Appellate Tribunals (DRATs), Presiding Officers of DRTs, senior officers from Public and Private Sector Banks, the CEO of the Indian Bank Association (IBA), and officials from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI).

Discussions centered on reducing pendency in DRTs and DRATs, proposing amendments in regulations and acts, reviewing the performance of empanelled advocates, leveraging the e-Auction platform for property auctions, reconciling settled cases, and ensuring the presence of bank officers at judicial hearings. The meeting aimed to streamline debt recovery processes and improve overall efficiency.