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About Us
The banks and financial institutions in
India have over the years have been
experiencing considerable difficulties
in recovering huge amounts of public
money blocked in the hands of defaulting
borrowers as the existing procedure for
recovery of debts due to banks and
financial institutions was not simple,
swift and capable of reaching a final
decision within a time frame.
The banks and financial institutions in
India have over the years have been
experiencing considerable difficulties
in recovering huge amounts of public
money blocked in the hands of defaulting
borrowers as the existing procedure for
recovery of debts due to banks and
financial institutions was not simple,
swift and capable of reaching a final
decision within a time frame.
The Government of India, as a step to
streamline the system, appointed
committees like “The Tiwari Committee,
the Committee on Financial Systems
headed by Shri M.Narasimham, former
Governor of Reserve Bank of India, and
“High Level Committee” headed by V.S.
Hegde. These Committees had recommended
the setting up of special tribunals for
speedy realization of dues of the credit
institutions.
President of India promulgated The
Recovery of debts due to Banks and
Financial Institutions Ordinance, 1993
(Ordinance No.25 of 1993) on 24th
June 1993, to provide for
establishment of Tribunals for
expeditious adjudication and recovery of
debts due to banks and financial
institutions.
Later, the Ordinance was replaced by
The
Recovery of Debts Due to Banks and
Financial Institutions Act, 1993 (DRT
Act) enacted by the
Parliament and given assent by the
President of India on 27th August
1993. The Act came in to force on
24th June 1993.
Immediately Action was initiated by the
Government for establishment of Recovery
Tribunals and Appellate Tribunals in the
country. Presently, there are 29 DRTs
and 5 DRATs functioning all over the
country. The pecuniary jurisdiction of
these Tribunals is Rs.10.00 lakhs and
above.
Debts Recovery Tribunal
-3,
Chennai
started its functions with effect from
16/01/2007 with the
jurisdiction of 14 Districts
of Tamil Nadu.
COMPOSITION
The Debts Recovery Tribunal is headed by
a
Presiding Officer and other officers
consist of one Registrar, two Recovery
Officers and one Assistant Registrar
with supporting staff.
Shri Ganapathi K.R.K.
is the Presiding Officer
and he joined the Tribunal on 18th December 2014
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