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Debt Recovery Tribunal (DRT) is a specialized legal body in India established to facilitate the recovery of debts. DRTs were created under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. These tribunals play a crucial role in resolving disputes related to debt recovery in an expeditious manner. They have the authority to hear cases involving non-performing assets, foreclosure of properties, and enforcement of security interests. DRTs aim to provide a speedy and efficient resolution mechanism, ensuring fair treatment for both lenders and borrowers. Through their expertise and jurisdiction, DRTs contribute to maintaining financial stability and promoting a healthy credit environment in India.
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