LawgistAll Acts
Recovery of Debts Due to Banks and Financial Institutions Act
An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions and for matters connected therewith or incidental thereto.
| Act Id | 199351 |
| Act Number | 51 |
| Enactment Date | 1993-08-27 |
| Act Year | 1993 |
| Ministry | Ministry of Finance |
| Enforcement Date | 24-06-1993 |
- PRELIMINARY
- ESTABLISHMENT OF TRIBUNAL AND APPELLATE TRIBUNAL
- 3 Establishment of Tribunal
- 4 Composition of Tribunal
- 5 Qualifications for appointment as Presiding Officer
- 6 Term of office of Presiding Officer
- 6A Qualifications, terms and conditions of service of Presiding Officer
- 7 Staff of Tribunal
- 8 Establishment of Appellate Tribunal
- 9 Composition of Appellate Tribunal
- 10 Qualifications for appointment as Chairperson of the Appellate Tribunal
- 11 Term of office of Chairperson of Appellate Tribunal
- 12 Staff of the Appellate Tribunal
- 13 Salary and allowances and other terms and conditions of service of Presiding Officers
- 14 Filling up of vacancies
- 15 Resignation and removal
- 15A Qualifications, terms and conditions of service of Chairperson
- 16 Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings
- JURISDICTION, POWERS AND AUTHORITY OF TRIBUNALS
- PROCEDURE OF TRIBUNALS
- 19 Application to the Tribunal
- 19A Filing of recovery applications, documents and written statements in electronic form
- 20 Appeal to the Appellate Tribunal
- 21 Deposit of amount of debt due, on filing appeal
- 22 Procedure and powers of the Tribunal and the Appellate Tribunal
- 22A Uniform procedure for conduct of proceedings
- 23 Right to legal representation and Presenting Officers
- 24 Limitation
- RECOVERY OF DEBT DETERMINED BY TRIBUNAL
- 25 Modes of recovery of debts
- 26 Validity of certificate and amendment thereof
- 27 Stay of proceedings under certificate and amendment or withdrawal thereof
- 28 Other modes of recovery
- 29 Application of certain provisions of Income-tax Act
- 30 Appeal against the order of Recovery Officer
- 30A Deposit of amount of debt due for filing appeal against orders of the Recovery Officer
- MISCELLANEOUS
- 31 Transfer of pending cases
- 31A Power of Tribunal to issue certificate of recovery in case of decree or order
- 31B Priority to secured creditors
- 32 Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants
- 33 Protection of action taken in good faith
- 34 Act to have overriding effect
- 35 Power to remove difficulties
- 36 Power to make rules
- 37 Repeal and saving
