India News | Banks to Conduct Periodic Performance Review of Empanelled Advocates to Fast-track Cases in DRTs
Get latest articles and stories on India at LatestLY. Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise the cases assigned to them based on performance, the finance ministry said on Saturday.
New Delhi, Feb 17 (PTI) Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise 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 Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi.
The meeting was also attended by senior officers from the 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).
The conference also discussed that DRTs and DRATs would 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," a finance ministry statement said.
The meeting also discussed that banks and financial institutions would reconcile cases which are pending in DRTs and DRATs but have already been settled.
It was also discussed that banks would ensure presence of their officers at all the hearings of their respective cases before judicial forums, the statement added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)