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The Recovery Of Debts And Bankruptcy Act, 1993

Central

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 number
51 of 1993
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
27 Aug 1993
In force from
24 Jun 1993

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

45 sections

  1. Section 1Short title, extent, commencement and application.
  2. Section 2Definitions.
  3. Section 3Establishment of Tribunal.
  4. Section 4Composition of Tribunal.
  5. Section 5Qualifications for appointment as Presiding Officer.
  6. Section 6Term of office of Presiding Officer.
  7. Section 6AQualifications, terms and conditions of service of Presiding Officer.
  8. Section 7Staff of Tribunal.
  9. Section 8Establishment of Appellate Tribunal.
  10. Section 9Composition of Appellate Tribunal.
  11. Section 10Qualifications for appointment as Chairperson of the Appellate Tribunal.
  12. Section 11Term of office of Chairperson of Appellate Tribunal.
  13. Section 12Staff of the Appellate Tribunal.
  14. Section 13Salary and allowances and other terms and conditions of service of Presiding Officers.
  15. Section 14Filling up of vacancies.
  16. Section 15Resignation and removal.
  17. Section 15AQualifications, terms and conditions of service of Chairperson.
  18. Section 16Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings.
  19. Section 17Jurisdiction, powers and authority of Tribunals.
  20. Section 17APower of Chairperson of Appellate Tribunal.
  21. Section 18Bar of jurisdiction.
  22. Section 19Application to the Tribunal.
  23. Section 19AFiling of recovery applications, documents and written statements in electronic form.
  24. Section 20Appeal to the Appellate Tribunal.
  25. Section 21Deposit of amount of debt due, on filing appeal.
  26. Section 22Procedure and powers of the Tribunal and the Appellate Tribunal.
  27. Section 22AUniform procedure for conduct of proceedings.
  28. Section 23Right to legal representation and Presenting Officers.
  29. Section 24Limitation.
  30. Section 25Modes of recovery of debts.
  31. Section 26Validity of certificate and amendment thereof.
  32. Section 27Stay of proceedings under certificate and amendment or withdrawal thereof.
  33. Section 28Other modes of recovery.
  34. Section 29Application of certain provisions of Income-tax Act.
  35. Section 30Appeal against the order of Recovery Officer.
  36. Section 30ADeposit of amount of debt due for filing appeal against orders of the Recovery Officer.
  37. Section 31Transfer of pending cases.
  38. Section 31APower of Tribunal to issue certificate of recovery in case of decree or order.
  39. Section 31BPriority to secured creditors.
  40. Section 32Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants.
  41. Section 33Protection of action taken in good faith.
  42. Section 34Act to have overriding effect.
  43. Section 35Power to remove difficulties.
  44. Section 36Power to make rules.
  45. Section 37Repeal and saving.