Paramount Law House Lawyers in Chennai Tamil Nadu India offers the Best Legal Services for Debt Recovery Tribunal DRT Litigation. The Madras High Court Appellate Attorneys provide you the Legal Consultation and Litigation support in this Law firm. Contact Top Advocates for Real Estate matters and resolve issues instantly.
Facing a Debt Recovery Tribunal (DRT) Case? Paramount Law House Can Help
Are you facing a lawsuit from a bank or financial institution in a Debt Recovery Tribunal (DRT)? Don’t panic. Paramount Law House is here to help you navigate this complex legal situation.
What is a Debt Recovery Tribunal (DRT)?
A DRT is a quasi-judicial body established under the Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993. They function as specialized courts designed to expedite the recovery of debts owed to banks and financial institutions in India. DRTs offer a faster and potentially less expensive alternative to the traditional civil court system for resolving debt disputes.
When do Cases Go to DRT?
DRTs typically handle cases where the outstanding debt amount exceeds a specific threshold set by the government (as of today, March 25, 2024, this amount is Rs. 20 lakhs). The types of debts commonly heard in DRT include:
- Defaulted loans (home loans, car loans, business loans etc.)
- Unpaid credit card dues
- Outstanding dues on other financial instruments
The DRT Process: What to Expect
The DRT process can be complex, but understanding the basic steps can help alleviate some stress:
- Original Application (OA): The bank or financial institution files an application with the DRT, outlining the details of the debt and seeking recovery.
- Notice: You will receive a notice from the DRT informing you of the case and the next hearing date.
- Representation and Defense: This is where Paramount Law House comes in. We will analyze the case, advise you on potential defenses, and represent you in all DRT hearings. This may involve contesting the validity of the claim, negotiating a settlement with the bank, or presenting evidence to support your repayment capabilities.
- DRT Order: The DRT will issue an order after considering both sides of the case. This order may direct you to repay the debt within a specific timeframe, or it may involve steps to recover the debt through attachment or sale of assets pledged as security for the loan.
- DRAT Appeal: If you disagree with the DRT order, you have the right to appeal to the Debts Recovery Appellate Tribunal (DRAT). Our lawyers can also guide you through this appeals process.
Why Choose Paramount Law House for Your DRT Case?
- Experienced DRT Advocates: Our team of property lawyers has in-depth knowledge of DRT procedures and a proven track record of success in these cases.
- Strategic Defense: We will carefully analyze your situation and develop a strategic defense plan tailored to your specific circumstances. This may involve negotiating a repayment plan, challenging the bank’s claim, or exploring options to save your property from attachment.
- 24/7 Availability: Debt issues can arise at any time. We understand the urgency and offer round-the- clock access to our legal team for your peace of mind.
- Clear Communication: We believe in keeping you informed throughout the process. Our lawyers will explain complex legal concepts in a clear and concise manner, ensuring you understand the legal options available to you.
Don’t face the DRT alone. Contact Paramount Law House today for a free consultation and discuss your options. Remember, taking timely action can significantly improve your chances of a successful outcome.
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- Official website of the Debt Recovery Tribunals (https://drt.gov.in/)
Advocate Fees for Debt Recovery Tribunal DRT Legal Services
Just make an Appointment with our Senior Property Lawyers for free 5 Minutes consultation and there after you can get the Legal Consultation details for the process. Meet Paramount Law House Lawyers to get fast remedy to you Property issues.
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