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Ozg Debt Management Consultant & Lawyer in Haryana

 

Ozg Debt Management Consultant

Ozg Business Resource Center

Delhi | Bangalore | Kolkata | Mumbai

Email: debt@liaisoning.com
 
Phone # 09811415831-37-61-72-84

- @ - http://debt.liaisoning.com

 

Ozg provides the Legal Advice & Solutions in association with Ozgians (Practicing Lawyers and Consultants) in all parts of India (except J&K) for Debt Recovery Tribunal, Credit Debt, Debt Management, Debt Relief, Debt Advice, Debt Solution, Debt Settlement, Bad Debt, Debt Consolidation, Debt Recovery, Debt Collection, Debt Equity, Debt Ratio, Debt Market, Debt Fund, One Time Settlement (OTS) & Non-Performing Assets (NPA).
  • => DRT: Debt Recovery Tribunal
  • => DRAT: Debt Recovery Appellate Tribunal


The Debt 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 Debt Recovery Tribunal is also the appellate authority for appeals filed against the proceedings initiated by secured creditors under the Securatizaton and Reconstruction of Financial Assets and Enforcement of Security Interest Act.


DRT Act & Rules (Debt Recovery Act)

  1. => The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  2. => The Recovery of Debts Due to Banks and Financial Institutions Act, 1993
  3. => The Security Interest (Enforcement) Rules, 2002
  4. => The Debts Recovery Tribunal (Procedure) Rules, 1993
  5. => The Debts Recovery Appellate Tribunal (Procedure) Rules, 1994
  6. The Debts Recovery Tribunal (Financial and Administrative Power) Rules, 1997
  7. => The Debts Recovery Appellate Tribunal (Financial and Administrative Power) Rules, 1997
  8. => The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removal of Difficulties) Order, 2004
  9. => The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003
  10. => Forms of Application for Registration of Securitisation/Reconstruction Companies
  11. => Revised Guidelines for Compromise Settlement of Chronic Non-Performing Assets (NPAs) of Public Sector Banks
  12. => Relevant Provision of Enactments Amended/Refered
  13. => The Securities and Exchange Board of India Act, 1992, (15 of 1992)
  14. => The SickIndustrial Companies (Special Provision) Act (SICA), 1985


Ozg Debt Management Consultant

Ozg Business Resource Center

Delhi | Bangalore | Kolkata | Mumbai

Email: debt@liaisoning.com
 
Phone # 09811415831-37-61-72-84

- @ - http://debt.liaisoning.com


There are five DRAT: Debt Recovery Appellate Tribunals in India, situated at Allahabad, Delhi, Mumbai, Kolkata and Chennai. DRATs are appellate tribunals For DRT: Debt Recovery Tribunals. In India there are more than 33 DRTs: Debt Recovery Tribunals, situated at different State/City.


DRT Tribunal, Bankruptcy Court, DRT Court


DRT is Tribunal not a Court. The Debt 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. In India there is nothing like DRT court & Bankruptcy Court


DRATs in India
  • => Debt Recovery Appellate Tribunal Allahabad (DRAT Allahabad)
  • => Debt Recovery Appellate Tribunal Chennai (DRAT Chennai)
  • => Debt Recovery Appellate Tribunal Delhi (DRAT Delhi)
  • => Debt Recovery Appellate Tribunal Kolkata (DRAT Kolkata)
  • => Debt Recovery Appellate Tribunal Mumbai (DRAT Mumbai)


DRTs in India

  1. => Debt Recovery Tribunal Ahmedabad (DRT 1 Ahmedabad)
  2. => Debt Recovery Tribunal Chandigarh (DRT 1 Chandigarh)
  3. => Debt Recovery Tribunal Chennai (DRT 1 Chennai)
  4. => Debt Recovery Tribunal Delhi (DRT 1 Delhi)
  5. => Debt Recovery Tribunal Kolkata (DRT 1 Kolkata)
  6. => Debt Recovery Tribunal Mumbai (DRT 1 Mumbai)
  7. => Debt Recovery Tribunal Ahmedabad (DRT 2 Ahmedabad)
  8. => Debt Recovery Tribunal Chandigarh (DRT 2 Chandigarh)
  9. => Debt Recovery Tribunal Chennai (DRT 2 Chennai)
  10. => Debt Recovery Tribunal Delhi (DRT 2 Delhi)
  11. => Debt Recovery Tribunal Kolkata (DRT 2 Kolkata)
  12. => Debt Recovery Tribunal Mumbai (DRT 2 Mumbai)
  13. => Debt Recovery Tribunal Chennai (DRT 3 Chennai)
  14. => Debt Recovery Tribunal Delhi (DRT 3 Delhi)
  15. => Debt Recovery Tribunal Kolkata (DRT 3 Kolkata)
  16. => Debt Recovery Tribunal Mumbai (DRT 3 Mumbai)
  17. => Debt Recovery Tribunal Allahabad (DRT Allahabad)
  18. => Debt Recovery Tribunal Aurangabad (DRT Aurangabad)
  19. => Debt Recovery Tribunal Bangalore (DRT Bangalore)
  20. => Debt Recovery Tribunal Coimbatore (DRT Coimbatore)
  21. => Debt Recovery Tribunal Cuttack (DRT Cuttack)
  22. => Debt Recovery Tribunal Earnakulam (DRT Earnakulam)
  23. => Debt Recovery Tribunal Guwahati (DRT Guwahati)
  24. => Debt Recovery Tribunal Hyderabad (DRT Hyderabad)
  25. => Debt Recovery Tribunal Jabalpur (DRT Jabalpur)
  26. => Debt Recovery Tribunal Jaipur (DRT Jaipur)
  27. => Debt Recovery Tribunal Lucknow (DRT Lucknow)
  28. => Debt Recovery Tribunal Madurai (DRT Madurai)
  29. => Debt Recovery Tribunal Nagpur (DRT Nagpur)
  30. => Debt Recovery Tribunal (DRT Patna)
  31. => Debt Recovery Tribunal (DRT Pune)
  32. => Debt Recovery Tribunal (DRT Ranchi)
  33. => Debt Recovery Tribunal (DRT Vishakapatnam)


Ozg Debt Management Consultant

Ozg Business Resource Center

Delhi | Bangalore | Kolkata | Mumbai

Email: debt@liaisoning.com
 
Phone # 09811415831-37-61-72-84

- @ - http://debt.liaisoning.com

 

Following Appeals can be filed in DRAT:

  • => Against the final orders passed by the Presiding Officers of various DRTs.
  • => Against Interim orders/directions given by the Presiding Officers of various DRTs.
  • => Against orders on MA/IA/Appeal against RO’s orders, etc passed by the Presiding Officers of various DRTs.
  • => Against orders on appeals filed under The Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, passed by the Presiding Officers of various DRTs.
  • => Applications under subsection (6) of section 17 of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002.


Important Abbreviations:

  • NPA: Non-Performing Assets
  • OTS: One Time Settlement
  • BIFR: Board for Industrial and Financial Reconstruction
  • AAIFR: Appellate Authority for Industrial and Financial Reconstruction
  • RDBFI: The Recovery of Debts Due to Banks and Financial Institutions Act, 1993
  • SARFAESI: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  • OD: Over Due


Debt Meaning & Definition: Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In modern society, debt is usually granted with expected repayment; in most cases, plus interest. Historically, debt was responsible for the creation of indentured servants. An amount owed to a person or organization for funds borrowed. Debt can be represented by a loan note, bond, mortgage or other form stating repayment terms and, if applicable, interest requirements. These different forms all imply intent to pay back an amount owed by a specific date, which is set forth in the repayment terms.

Debt Definition: Debt means any liability (inclusive of interest) which is claimed as due from any person by a bank or a financial institution or by a consortium of banks or financial institution during the course of any business activity undertaken by the bank or the financial institution or the consortium under any law for the time being in force, in cash or otherwise, whether secured or unsecured, or assigned, or whether payable under a decree or order of any civil Court or any arbitration award or otherwise or under a mortgage and subsisting on, and legally recoverable on, the date of the application.
 

Debt word origin: The word comes from the French dette and ultimately Latin debere (to owe), from de habere (to have). The letter b in the word debt was reintroduced in the 17th century, possibly by Samuel Johnson in his Dictionary of 1755 several other words that had existed without a b had them reinserted at around that time.

Kinds of Debt: A company uses various kinds of debt to finance its operations. 

The various types of debt can generally be categorized into:

  1.   secured and unsecured debt,
  2.   private and public debt,
  3.   syndicated and bilateral debt.

NPA: Non Performing Asset means an asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or guidelines relating to asset classification issued by The Reserve Bank of India.


NPA – Non Performing Asset Definition: An asset becomes non-performing when it ceases to generate income for the bank on actual realization basis.

Ozg Debt Management Consultant

Ozg Business Resource Center

Delhi | Bangalore | Kolkata | Mumbai

Email: debt@liaisoning.com
 
Phone # 09811415831-37-61-72-84

- @ - http://debt.liaisoning.com