Introduction
In India, the Debt Recovery Appellate Tribunal (DRAT) is an important institution that deals with the recovery of debts by banks and other financial institutions. The DRAT was established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and is responsible for hearing appeals against the decisions of the Debt Recovery Tribunals (DRTs). In this blog, we will discuss the composition of the Debt Recovery Appellate Tribunal.
The Debt Recovery Appellate Tribunal is headed by a presiding officer who is a retired judge of the High Court. In addition to the presiding officer, the DRAT is composed of at least two other members who are appointed by the Central Government. The members of the DRAT are typically experts in the fields of banking, finance, or law.
The presiding officer of the DRAT is responsible for the overall management and direction of the tribunal. The presiding officer also has the power to make decisions on behalf of the tribunal, and is responsible for ensuring that the DRAT operates efficiently and effectively.
The other members of the DRAT are responsible for hearing and deciding on appeals against the decisions of the DRTs. The members of the DRAT are typically experts in the fields of banking, finance, or law, and are appointed for a term of three years.
The DRAT is a quasi-judicial body, and its decisions are final and binding. The DRAT has the power to review the decisions of the DRTs, and can make its own decision on the matter. The DRAT is also responsible for ensuring that the proceedings are conducted in a fair and impartial manner, and that the parties involved are given a fair opportunity to present their case.
In addition to the presiding officer and the members of the DRAT, there are also other officials who are responsible for supporting the functioning of the tribunal. These officials include the registrar, who is responsible for maintaining the records of the DRAT, and the stenographer, who is responsible for recording the proceedings of the tribunal.
In conclusion:
the Debt Recovery Appellate Tribunal is an important institution that plays a critical role in the recovery of debts by banks and other financial institutions in India. The DRAT is composed of a presiding officer and at least two other members who are experts in the fields of banking, finance, or law. The DRAT is responsible for hearing appeals against the decisions of the DRTs, and is a quasi-judicial body with the power to review and make its own decisions on the matter. The DRAT is also responsible for ensuring that the proceedings are conducted in a fair and impartial manner, and that the parties involved are given a fair opportunity to present their case.