2,700 cases pending before Debt Recovery Tribunals in Hyderabad

HYDERABAD: Over 2,700 debt recovery cases are pending with two Debt Recovery Tribunals (DRTs) in Hyderabad. Though debt recovery has increased, it still hasn't picked up significantly due to Covid-19. Except Bangalore, the country is showing a similar trend regarding debt recovery cases of banks and financial institutions.

Union minister of state for finance, Bhagwat Karad, recently informed Parliament that around 1.6 lakh cases were pending adjudication at 39 DRTs across the country.In the city, 2,791 debt recovery cases were pending before the two DRTs.
As per the Recovery of Debts and Bankruptcy Act, an application made to the tribunal should be dealt within two hearings.
The application has to be disposed of by the tribunal finally within 180 days from the date of receipt of the application.
The data shows that at the two DRTs in Hyderabad in 2021-22 financial year till December 31, around Rs 355 crore has been recovered as against Rs 373 crore in 2020-21, Rs 355 crore in 2019-20 and Rs 1,931 crore in 2018-19 before Covid-19 pandemic hit.
DRTs in Hyderabad had disposed of 254 cases in 2021-22, while it was 858 cases in 2018-19. The finance ministry data has revealed that 4,040 cases were pending at DRT of Visakhapatnam in Andhra Pradesh. In 2021-22 fiscal, till December, around Rs 42 crore debt was recovered by DRT Vizag.
In the entire country, 11,956 crore was recovered in 2021-22, while 6,792 crore was recovered by DRT Bengaluru alone.