Finance Ministry Holds High-Level Meeting To Expedite Recovery Of Debt

(MENAFN- IANS) New Delhi, May 25 (IANS) The Department of Financial Services (DFS), under the Ministry of Finance, has urged all stakeholders to collaborate in reducing pendency of debt cases by establishing effective recovery ecosystem.

This would facilitate the redeployment of capital locked in cases pending before Debt Recovery Tribunals (DRTs) for productive use in the economy.

Towards this goal, DFS organised a colloquium of chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) in the national capital.

Supreme Court Justice SVN Bhatti delivered the keynote address. The participants included senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association, according to the Ministry of Finance.

DFS Secretary highlighted the various key initiatives taken by the department such as adoption of revised DRT Regulations, mandatory e-filing, hearing through video-conferencing and hybrid hearings etc. for reducing turnaround time of the matters adjudicated by the tribunals.

The colloquium witnessed discussions on wide spectrum of issues to enhance the efficiency of DRTs.

The key areas of deliberations included an effective implementation of DRT Regulations, 2024; robust monitoring and oversight mechanisms by banks for increasing recovery through DRTs; prioritisation of high value cases in DRTs for optimal recovery; use of alternate dispute resolution mechanisms including Lok Adalats for expeditious disposal of cases; intensive training of Presiding Officers and other officials of DRTs; and introduction of further reforms to reduce turn-around time for various processes in DRT proceedings, etc.

Earlier this year, the Finance Ministry launched the revamped 'Baanknet' e-auction portal which consolidates information on properties that all public sector banks are putting up for sale and offers a one-stop destination for buyers and investors to discover a wide range of assets.

The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.

By gathering the details of all properties in one place, the revamped portal simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.

-IANS

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