UPSC Exam  >  UPSC Questions  >  Consider the following statements with refere... Start Learning for Free
Consider the following statements with reference to the Debts Recovery Tribunals :
1. They were established under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
2. At present, around 40 Debts Recovery Tribunals are functioning across the country.
3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.
Which of the statements given above is/are correct ?
  • a)
    1 only
  • b)
    2 and 3 only
  • c)
    1 and 2 only
  • d)
    1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements with reference to the Debts Recovery...
Debts Recovery Tribunals and Appellate Tribunals

Statement 1: They were established under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

This statement is correct. The Debts Recovery Tribunals (DRTs) were established under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The main objective of the DRTs is to provide an expeditious and specialized forum for the adjudication and recovery of debts due to banks and financial institutions.

Statement 2: At present, around 40 Debts Recovery Tribunals are functioning across the country.

This statement is incorrect. Currently, there are a total of 39 Debts Recovery Tribunals (DRTs) functioning across the country. These tribunals are established in major cities and are responsible for adjudicating and recovering debts due to banks and financial institutions.

Statement 3: Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to another within that region.

This statement is correct. The Regional Debt Recovery Appellate Tribunals (DRATs) have the power to transfer cases pending in one Debts Recovery Tribunal (DRT) to another within the same region. The DRATs are established to hear appeals against the orders passed by the DRTs and they have the authority to transfer cases for the convenience of the parties or in the interest of justice.

Therefore, the correct answer is option 'B' - 2 and 3 only.
Community Answer
Consider the following statements with reference to the Debts Recovery...
  • The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993, with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions. The main objective and role of DRT is the recovery of funds from borrowers, which is payable to banks and financial institutions. The Tribunals power is limited to settle cases regarding the restoration of the unpaid amount from NPAs as declared by the banks under the RBI guidelines. The Debts Recovery Tribunal (DRT) enforces provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002. So, Statement 1 is not correct.
  • Currently, 39 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DRATs) are functioning across the country. Each DRT and DRAT is headed by a Presiding Officer and a Chairperson, respectively. So, Statement 2 is correct.
  • Under Section 17 of the Recovery of Debts and Bankruptcy Act, 1993 (RDDBFI), DRT has the authority to entertain any application from banks and financial institutions to recover loans for such banks and financial institutions. DRAT, the Appellate Tribunal, shall have the jurisdiction to entertain appeals against any order made by a DRT under the Act. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to another within that region. For example, DRAT-Chennai has jurisdiction to transfer cases pending in one DRT to another DRT within the Southern Region. So, Statement 3 is correct.
Explore Courses for UPSC exam

Top Courses for UPSC

Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
Question Description
Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
Solutions for Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Consider the following statements with reference to the Debts Recovery Tribunals :1. They were established under the Securitisation and Reconstruction of Financial Assets andEnforcement of Security Interest Act, 2002.2. At present, around 40 Debts Recovery Tribunals are functioning across the country.3. Regional Debt Recovery Appellate Tribunals can transfer the cases pending in one DRT to anotherwithin that region.Which of the statements given above is/are correct ?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev