Q. Consider the following statements regarding Debt Recovery Tribunals:
1.They are quasi-judicial bodies.
2.They handle loan default cases above Rs. 50 lakh.
3.They also hear applications filed under the SARFAESI Act 2002 by borrowers or aggrieved parties.
How many of the statements given above are correct?
Answer: B
Notes:
Explanation:
- Statement 1 is correct: DRTs are quasi-judicial bodies.
- Statement 2 is incorrect: They handle loan default cases above ₹20 lakh, not ₹50 lakh.
- Statement 3 is correct: They hear applications under the SARFAESI Act filed by borrowers or aggrieved parties.
Source- NOA
