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DRT Act
#1
The recovery of Debts due to banks and financial institutions Act,1993 (DRT Act, as commonly know or called ) was passed and it came into operation from 24 june 1993. this act constituted the special , Debt Recovery Tribunals' for speedy recovery.

The act is applicable to the whole of india except the state of jammu & kashmir.

The act is applicable for the debt due to any bank or financial institution or a consortium of them when the debt is above Rs. 10 lakh.

The central govt may , by notification make the act applicable to such other amount of debt not less than Rs one lakh

Presiding officer, means the presiding officer of the debts recovery tribunal appointed under sub-section (1) of section 4.

Recovery officer, means a recovery officer appointed by the central govt for each tribunal under the sub-section (1) of section 7. these offcers are appointed under the act for implementing the recovery orders passed by the tribunal
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