Bare Acts

The Recovery of Debts and Bankruptcy Act, 1993

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.

English PDF

Act Details

Act Number:

Act Year:

1993

Location:

Enactment Date:

8/27/1993

Enforcement Date:

24-06-1993

Ministry:

Ministry of Finance

Department:

Department of Financial Services

All Section List

PRELIMINARY

Section 1 to Section 2

Section 1

Short title, extent, commencement and application.

Section 2

Definitions.

ESTABLISHMENT OF TRIBUNAL AND APPELLATE TRIBUNAL

Section 3 to Section 16

Section 3

Establishment of Tribunal.

Section 4

Composition of Tribunal.

Section 5

Qualifications for appointment as Presiding Officer.

Section 6

Term of office of Presiding Officer.

Section 6A

Qualifications, terms and conditions of service of Presiding Officer.

Section 7

Staff of Tribunal.

Section 8

Establishment of Appellate Tribunal.

Section 9

Composition of Appellate Tribunal.

Section 10

Qualifications for appointment as Chairperson of the Appellate Tribunal.

Section 11

Term of office of Chairperson of Appellate Tribunal.

Section 12

Staff of the Appellate Tribunal.

Section 13

Salary and allowances and other terms and conditions of service of Presiding Officers.

Section 14

Filling up of vacancies.

Section 15

Resignation and removal.

Section 15A

Qualifications, terms and conditions of service of Chairperson.

Section 16

Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings.

JURISDICTION, POWERS AND AUTHORITY OF TRIBUNALS

Section 17 to Section 18

Section 17

Jurisdiction, powers and authority of Tribunals.

Section 17A

Power of Chairperson of Appellate Tribunal.

Section 18

Bar of jurisdiction.

PROCEDURE OF TRIBUNALS

Section 19 to Section 24

Section 19

Application to the Tribunal.

Section 19A

Filing of recovery applications, documents and written statements in electronic form.

Section 20

Appeal to the Appellate Tribunal.

Section 21

Deposit of amount of debt due, on filing appeal.

Section 22

Procedure and powers of the Tribunal and the Appellate Tribunal.

Section 22A

Uniform procedure for conduct of proceedings.

Section 23

Right to legal representation and Presenting Officers.

Section 24

Limitation.

RECOVERY OF DEBT DETERMINED BY TRIBUNAL

Section 25 to Section 30A

Section 25

Modes of recovery of debts.

Section 26

Validity of certificate and amendment thereof.

Section 27

Stay of proceedings under certificate and amendment or withdrawal thereof.

Section 28

Other modes of recovery.

Section 29

Application of certain provisions of Income-tax Act.

Section 30

Appeal against the order of Recovery Officer.

Section 30A

Deposit of amount of debt due for filing appeal against orders of the Recovery Officer.

MISCELLANEOUS

Section 31 to Section 37

Section 31

Transfer of pending cases.

Section 31A

Power of Tribunal to issue certificate of recovery in case of decree or order.

Section 31B

Priority to secured creditors.

Section 32

Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants.

Section 33

Protection of action taken in good faith.

Section 34

Act to have overriding effect.

Section 35

Power to remove difficulties.

Section 36

Power to make rules.

Section 37

Repeal and saving.