The Debt Recovery Tribunal Of India , DRT in short, has been biased in resolving the cases. It has not held a balanced view, nor taken a juxtaposed decision in most references. It has all along been the voice of the banks and financial institutions,however much the defaulting companies have a strong base and just arguments. I used to wonder , then why this body has been set up , with branches and with officials picked from the judiciary and Banks.The enormous expense incurred due to the formation of this tribunal could have been avoided. The representation of the institutions ,to this tribunal, is just an eye wash, and a mere time consuming tactics.
My sincere advice to the companies is never become a defaulter, if at all you slip into negatives, try to pay the amount that which the bank demands , and come out honourably. Do not wait for any mercy, any compassion, any consideration. The lenders never will , nor the tribunal ever would. Arguing the case , is an additional burden to the already battered company. By burden , I mean , the finances and the mental turmoil.
A latest new clipping , brought ,to light .discrepancies of a case settled. The central Bureau of investigation, has taken action against the erring officials. The Bank has claimed an amount, compensating to the value of the security. The DRT recovery officer, has undervalued the security and settled thes case. This is the complaint of the bank. The bank feels that the officers of the tribunal must have been bribed by the defaulter. .It may be a correct assumption, or may be a false statement. We should not make comments , as the matter is in the court.
Well, will the Central Bureau of investigation take a similar step, if the affected company puts forth an accusation?If the company also tells that the deciding authority has had underhand dealings with the bank,so the case has been given a wrong direction ,what will happen? The issue would have not come to the table,and would have been thrown into the drain.
The Presiding Officer, the recovery officers, the inspectors , should have a penchant for truth,,a valid discretion for merit, a disdain for illegalities and a strength to shun nefarious activities.
Let us wait for the dawn of truth and justice.