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The Debt Recovery Tribunal (DRT) is a quasi-judicial body that was established in 1993 to help banks and financial institutions recover loans from their customers. The DRT was created under the Recovery of Debts and Bankruptcy Act (RDB Act). The DRT has the authority to accept applications from banks and financial institutions to recover loans. The Debts Recovery Appellate Tribunals (DRATs) have the jurisdiction to hear appeals against DRT orders.
The DRT has a maximum of four months to complete the process. The DRT must record its reasons in writing for extending the period.
The DRT has a fee of Rs. 1,000 for every one lakh, up to a maximum of Rs. 1,50,000. The DRAT has a fee of Rs. 20,000 for amounts appealed against between Rs. 10 and 30 lakhs, and Rs. 30,000 for amounts appealed against over Rs. 30 lakhs.