Lawgist1Short title, extent, commencement and application
(1) This Act may be called the Recovery of Debts 1[Due to Banks and Financial Institutions] Act, 1993.
(2) It extends to the whole of India except the State of Jammu and Kashmir*.
(3) It shall be deemed to have come into force on the 24th day of June, 1993.
(4) 2[The provisions of this Code] Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
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1. The words in brackets shall stand substituted by s. 249 and the Fifth Schedule, ibid., to read as "and Bankruptcy" (w.e.f. 1-12-2019 in so far as they relate to personal guarantors to corporate debtors). .
*. Vide notification No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.
2. The words in brackets shall stand substituted by s. 249 and the Fifth Schedule, ibid., to read as "Save as otherwise provided, the provisions of this Code" (w.e.f. 1-12-2019 in so far as they relate to personal guarantors to corporate debtors).
