Section 1. Short title, extent, commencement and application.

(1) This Act may be called the Recovery of Debts 1[and Bankruptcy] 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[Save as otherwise provided, 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.