Debt Recovery Appellate Tribunal (DRAT) rules are a set of regulations that govern the proceedings of DRATs in India. DRATs are judicial bodies tasked with resolving disputes between banks and debtors over debt recovery.
Rules For Debt Recovery Appellate Tribunal
The DRAT rules are set out under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI). The DRAT rules provide a framework for the proceedings of DRATs and outline the procedure for filing an appeal in DRATs. These rules also define the powers and duties of DRATs, as well as the penalties for defaulting debtors.
The DRAT rules state that, upon receipt of an appeal, the appellant must pay a fee to the DRAT. The amount of this fee is determined on the basis of the amount of debt being disputed. The DRAT rules also provide for the appointment of a Presiding Officer, who is responsible for hearing the case and making a decision.
The DRAT rules also set out the procedure for the hearing of cases. This includes providing the parties with an opportunity to present their arguments and evidence, as well as to cross-examine witnesses. The DRAT rules also provide for the filing of an appeal against a DRAT decision. The appeal must be filed within 30 days of the decision being issued.
The DRAT rules are an important part of India’s debt recovery system and provide a framework for resolving disputes between banks and debtors. They ensure that the proceedings of DRATs are conducted in a fair and impartial manner and provide a mechanism for challenging DRAT decisions.