The government today approved the appointment of chairpersons for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunals (DRATs).
The government has appointed Justice Vishnu Kumar Mathur and Justice Girija Shankar for Allahabad and Chennai respectively, an official statement said.
In the Budget 2014-15 speech, Finance Minister Arun Jaitley had said that the rising Non Performing Assets (NPAs) of Public Sector Banks is a matter of concern for the government.
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act) was enacted to provide for the establishment of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) for expeditious adjudication and recovery of debts due to banks and financial institutions.
After the enactment of the SARFAESI Act 2002, DRTs have got the Appellate jurisdiction.
