The Supreme Court has asked the Centre to give details of recovery cases filed by banks and financial institutions and those pending in Debt Recovery Tribunals (DRTs) and their appellate bodies for the last ten years. <br/><br/>A bench, headed by Chief Justice TS Thakur, today also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame. The court had, earlier, said, non-performing assets amount to lakhs of crores of rupees as the recovery mechanism is not upto the mark. It said, the facilities at DRTs and Debt Recovery Appellate Tribunals (DRATs), meant for recovering bad loans of financial institutions, are poor.<br/><br/>The apex court had reserved its order on one of the issues, raised in the PIL, relating to lack of infrastructure, manpower and other facilities at DRTs and DRATs which deal with banks and foreign institutional investors' loan recovery petitions. It was hearing the PIL, filed in 2003 by the Centre for Public Interest Litigation (CPIL), which had originally raised the issue of loans advanced to some companies by state-owned Housing and Urban Development Corporation (HUDCO). The plea had said, about 40,000 crore rupees of corporate debt was written off in 2015.<br/><br/>
News On AIR | January 3, 2017 2:30 PM
Supreme Court asks Centre to give details of debt recovery cases for last 10 years