Union Ministry of Finance on 17 March 2015 appointed Chairmen for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunal (DRAT).
VK Mathur was appointed as the Chairman of Allahabad bench of DRAT while Girija Shankar was appointed as Chairman of Chennai bench of DRAT.
The appointment was approved by the Appointments Committee of the Cabinet (ACC).
The appointment was done for a period of five years or till they attain the age of 65 years, whichever is earlier.
About Debts Recovery Appellate Tribunal (DRAT)
The Government of India in 2000 constituted 33 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DARTs) across the country to help financial institutions recover their bad debts quickly and efficiently. The five DRATs are located at Allahabad, Chennai, Delhi, Kolkata and Mumbai.
The DRT enforces provisions of the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993 and also Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
Appeals against orders passed by Debts Recovery Tribunal (DRT) lie before Debts Recovery Appellate Tribunal (DRAT).
Each DRT is presided over by a Presiding Officer. The Presiding Officer is generally equivalent to the rank of District and Sessions Judge.
What: Appointed Chairmen
When: 17 March 2015