Debts Recovery Tribunals and Appellate Tribunals
The Debts Recovery Tribunals have been established by the Government of India under an Act of Parliament (Act 51 of 1993) for expeditious adjudication and recovery of debts due to banks and financial institutions.
The provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 shall not apply where the amount of debt due to bank or financial institution or to a consortium of banks or financial institutions is less than 10 lakhs rupees or such other amount, being not less than 1 lakh rupees, as the Central Government may, by notification, specify.
The fee payable as per Rule 7 of the Debts Recovery Tribunal (Procedure) Rules, 1993 is Rs.12,000/- where an amount of debt due is Rs.10.00 lakhs, Rs.12,000 plus Rs.1000 for every one lakh of debt due or part thereof in excess of Rs.10.00 lakhs subject to a maximum of Rs.1,50,000/- where an amount of debt due is above Rs.10.00 lakhs.
The fee for Review Application is 50% of the fee paid for the OA.
The fee for filing Interlocutory Application (IA) is Rs.250/-.
The fee for filing Vakalatnama is Rs.5/-.
The fees is Rs.12,000/- if the amount appealed against is less than Rs.10 lakhs, Rs.20,000/- if the amount appealed against is Rs.10 to 30 lakhs, Rs.30,000/- if the amount appealed against is more than 30 lakhs.
Rs.100/- per case.
Rs.5 per page.
The application shall be filed by the Applicant with the Registrar within whose jurisdiction the Applicant is functioning as a bank or financial institution as the case may be, for the time being.
Every Application filed under Rule 4 of the DRT (Procedure) Rules, 1993, shall set forth concisely under distinct heads, the grounds for such application and such grounds shall be numbered consecutively and shall be typed in double space on one side of the paper.
Copyright © 2017 DFS . All Rights Reserved.