Again in 1991, a committee was set up under Mr Narashmam, which endorsed the view of the Mr T.

Tiwari Committee and recommended the establishment of quasi-judicial for the speedy recovery of
debts. Pursuant to which Government of India enacted the RDDBFI Act. Through, the RDDBFI Act
quasi-judicial authorities were constituted, and the procedure was specified for the speedy recovery
of debt.

Authorities under RDDBFI Act

Debt Recovery Tribunal

Section 3, provides for the establishment of Debt Recovery Tribunal (DRT), by notification to be
issued by the Central Government, for exercising, jurisdiction, powers, and authority conferred on
such tribunal under the RDDBFI Act. First DRT was established in Kolkata in the year 1994. Presently
33 DRTs are functioning at various places in India, and 6 more DRTs are also being established[1]. As
per section 4, DRT consists of sole member only, known as Presiding Officer. Section 5, provides that
a person who has been or is qualified to become District Judge can be appointed as Presiding Office
of DRT. Section 6 provides that the terms of the Presiding Office shall end after the expiry of the
period of 5 years from the date he enters the office and he will be eligible for reappointment
provided he has not attained the age of 65 years.

Debt Recovery Appellate Tribunal

Sections 8 -11 deals with the establishment, qualification, and term of the Chair Person of the Debt
Recovery Appellate Tribunal (DRAT). DRAT is established to exercise control and powers conferred
under the RDDBFI Act. DRAT consist of sole member to be known as Chair Person. A person is
eligible to become a Chair Person, if he has been an or qualified to become a High Court Judge, or
has been a member of the Indian Legal Services and held a Grade 1 post as such member for the
minimum period of three years or has held office of Presiding Officer of Tribunal for period of at
least three years. The Chair Person of DRAT can hold his office for the period of five years and is also
eligible for reappointment, provided, that he has not attained the age of seventy years. Presently
there are 5 DRATs in India in Delhi, Chennai, Mumbai, Allahabad, and Kolkata. DRAT has appellate
and supervisory jurisdiction over DRTs.