Debt Recovery Tribunals & Recovery of Debt Due to Banks and Financial Institutions

Debt servicing is a prominent issue faced by all the developing countries, it is imperative that these countries have a robust mechanism to handle their overall debt and that their debt recovery systems are capable to handle the needs. Multiple recent legislations in India such as the DRT Act, The SARFAESI Act etc. have come into place to cater these needs. The questions that remains is whether these reforms have achieved their goals, whether they are enough to address all concerns and what changes are required if any? Industry participants and RBI feel that they are lacking, hence a review of the system is warranted