Dr. Vivek Joshi Chairs Conference on Enhancing Efficiency of Debt Recovery Tribunals

Conference Overview

• Date and Organizer:
  • Date: Today
  • Organizer: Department of Financial Services (DFS)
• Chairperson:
  • Dr. Vivek Joshi, Secretary, Department of Financial Services

Attendees

• Key Participants:
  • Senior officers from Public and Private Sectors Banks
  • Chief Executive Officer (CEO), Indian Bank Association (IBA)
  • Senior officers from Ministry of Finance
  • Senior officers from Insolvency and Bankruptcy Board of India (IBBI)

Discussion Topics

1. Reducing Pendency
   • Emphasized on taking all possible steps by DRTs and DRATs to reduce pendency at various stages through strict monitoring.
2. Legislative Amendments
   • Discussed suggestions for changes and amendments in:
     • Debts Recovery Tribunal Regulations
     • SARFAESI Act
     • RDB Act to enhance the efficiency of the debt recovery process.
3. Performance Review of Advocates
   • Banks advised to conduct periodical review of the performance of empanelled Advocates and rationalize the assignment of cases based on performance.
4. Utilization of e-Auction Platform
   • Highlighted leveraging the under development e-Auction platform for listing and auction of properties under SARFAESI Act, RDB Act, and IBC.
5. Reconciliation of Pending Cases
   • Emphasized on reconciling cases pending in DRTs and DRATs which have already been settled.
6. Ensuring Presence at Hearings
   • Banks reminded to ensure presence of their officers at all hearings of their respective cases before judicial forums.

Multiple Choice Questions (MCQs):

1. Who chaired the Conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs)?
   • A) Dr. Rajesh Sharma
   • B) Dr. Vivek Joshi
   • C) Dr. Sanjay Kumar
   • D) Dr. Ananya Patel
   • Answer: B) Dr. Vivek Joshi
2. Which organization organized the conference in New Delhi?
   • A) Ministry of Finance
   • B) Indian Bank Association
   • C) Department of Financial Services (DFS)
   • D) Insolvency and Bankruptcy Board of India (IBBI)
   • Answer: C) Department of Financial Services (DFS)
3. What was one of the main issues discussed during the meeting?
   • A) Healthcare reforms
   • B) Agricultural subsidies
   • C) Enhancing the efficacy of DRTs for debt recovery
   • D) Environmental conservation measures
   • Answer: C) Enhancing the efficacy of DRTs for debt recovery
4. Which act(s) were suggested for amendments during the conference?
   • A) Consumer Protection Act
   • B) Companies Act
   • C) SARFAESI Act and RDB Act
   • D) Income Tax Act
   • Answer: C) SARFAESI Act and RDB Act
5. What did banks emphasize regarding the assignment of cases to empanelled Advocates?
   • A) Regular training sessions
   • B) Strict code of conduct
   • C) Periodical performance review and rationalization
   • D) No specific instructions were given
   • Answer: C) Periodical performance review and rationalization