New Delhi, May 3 (IANS). The Central Government has urged the Debt Recovery Tribunal (DRT) to promote good practices for speedy disposal of outstanding debt cases.
A meeting was held by the Finance Ministry in the national capital to quickly dispose of the cases in the DRT.
The tribunal has been asked by the government to adopt the best practices adopted by high-performing DRTs, the official statement said.
The ministry said key areas of discussion included strengthening inspection and monitoring mechanisms within banks, prioritizing high value cases for good recovery outcomes; and using Lok Adalats as an effective alternative means of dispute resolution, thereby enhancing recovery through DRTs.
Besides, mechanisms for speedy disposal, procedural reforms to expedite disposal of cases and comprehensive capacity building initiatives were also discussed in the meeting.
According to the Finance Ministry, with the renewed emphasis on capacity building and strengthening of infrastructure through targeted training programmes, the monthly settlement rates of DRTs have witnessed an encouraging growth.
Last September, an arbitration training program helped presiding officers of DRTs and senior officials of public sector banks improve their ability to resolve disputes more effectively and make decisions in debt recovery cases.
The event was organized by the Department of Financial Services (DFS), Ministry of Finance in collaboration with the Mediation and Conciliation Project Committee (MCPC) of the Supreme Court of India.
During the training, the participants were introduced to the concept of arbitration, its advantages over traditional judicial processes and other alternative methods of dispute resolution (ADR).
“This training was conducted keeping in mind the importance of dispute resolution mechanisms in the present times,” the ministry said. The ministry further said, “Mediation is internationally recognized as an effective process for resolving disputes by mutual consent.”
The sessions also focused on the stages of mediation, role of mediators, communication techniques and negotiation and bargaining strategies.
“During this training programme, various topics like concept of arbitration, judicial process and comparison of various ADR processes, process, stages and role of arbitrators, methods of communication in arbitration and negotiation and bargaining in arbitration were covered,” the ministry said.
–IANS
abs/
