What is OA and SA in DRT? OA (Original Application), SA (Securitization Application), IA(Interlocutory Application), MA (Miscellaneous Application)
DRT full form is Debt Recovery Tribunal. This special tribunal was set up in 1993 to resolve the pendency of money recovery cases of the bank by the defaulters. To recover money from the borrowers, banks and institutions can file an application for debt recovery in the DRT. This thing goes both ways. If the defaulter wants to file a case to the bank, then also it comes under the jurisdiction of the debt recovery tribunal. There are different types of applications that can be filed under the DRT, including OA (Original Application), SA (Securitization Application), IA(Interlocutory Application), MA (Miscellaneous Application). As of now, there are 39 such DRTs in India. The powers of a DRT are the same as those of a civil court. The main objective of DRT is to reduce the burden from the higher court and provide a speedy recovery in matters of debt payable to banks and financial institutions.