It is legislation framed for the purpose of speedy remedy for purpose of recovery of dues to the banks and financial institutions. If the debt due is more than ten lakhs then the concerned banks can approach the Debt Recovery Tribunal constituted to adjudicate the issues. After adjudication for the amounts, due recovery certificates are issued and steps are initiated for the recovery of the amount. The Recovery Officer is empowered to sell the properties for the recovery of the amount due.
Against the orders of the DRT under this Act, an appeal will lie before the Debts Recovery Appellate Tribunal
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Recovery of Debts Due to Banks and Financial Institutions Act, 1993
