Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993) and The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act,2002) are the two major enactments under which banks and financial institutions undertake recovery of Non-Performing Assets (NPAs).
Under RDB Act, 1993 banks and financial institutions filed Original Applications (“OAs”) before the Debts Recovery Tribunal(“DRT”). Under SARFAESI Act, 2002, borrower or any other person aggrieved by measures undertaken by Secured Creditors may file Securitization Applications (“SAs) before the DRT.
Our team has been engaged by various financial institutions to protect their interest before DRT. Simultaneously, we also appear on behalf of borrowers as well as guarantors before DRT.