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Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Complete Act

Title: Recovery of Debts Due to Banks and Financial Institutions Act, 1993

State: Central

Year: 1993

.....Tribunal Section23 - Right to legal representation and Presenting Officers Section24 - Limitation Chapter 5 Section25 - Modes of recovery of debts Section26 - Validity of certificate and amendment thereof Section27 - Stay of proceedings under certificate and amendment or withdrawal thereof Section28 - Other modes of recovery Section29 - Application of certain provisions of Income-tax Act Section30 - Appeal against the order of Recovery Officer Chapter 6 Section31 - Transfer of pending cases Section31A - Power of Tribunal to issue certificate of recovery in case of decree or order Section32 - Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants Section33 - Protection of action taken in good faith Section34 - Act to have over-riding effect Section35 - Power to remove difficulties Section36 - Power to make rules Section37 - Repeal and saving Amending Act1 - AMENDMENT ACT

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Preamble 1

Title: Recovery of Debts Due to Banks and Financial Institutions Act, 1993

State: Central

Year: 1993

THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 [Act, No. 51 of 1993] [27th August, 1993] PREAMBLE An Act to provide for the establishment of Tribunals for expeditions adjudication and recovery of debts due to banks and financial institutions and for matters connected therewith or incidental thereto. Be it enacted by Parliament in Forty-fourth Year of the Republic of India as follows:--

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Complete Act

State: Central

Year: 1993

RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 51 of 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. BE it enacted by Parliament in the Forty-fourth Year of the Republic of India as follows :- CHAPTER 01: PRELIMINARY SECTION 01: SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION (1) This Act may be called the Recovery of Debts 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) The provisions of this 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. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires,- (a).....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Chapter 1

Title: Preliminary

State: Central

Year: 1993

..... In this Act, unless the context otherwise requires,-- (a) "Appellate Tribunal" means an Appellate Tribunal established under sub­section (1) of section 8; (b) "application" means an application made to a Tribunal under section 19; (c) "appointed day", in relation to a Tribunal or an Appellate Tribunal, means the date on which such Tribunal is established under sub-section (1) of section 3 or, as the case may be, sub-section (1) of section 8; (d) "bank" means-- (i) a banking company; (ii) a corresponding new bank; (iii) State Bank of India; (iv) a subsidiary bank; or (v) a Regional Rural Bank; (c) "banking company" shall have the meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); 1[(ea) "Chairperson" means a Chairperson of an Appellate Tribunal appointed under section 9,] (f) "corresponding new bank" shall have the meaning assigned to it in clause (da) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); 2[(g) "debt" means any liability (inclusive of interest) which is claimed as due from any person by a bank or a financial institution or by a consortium of banks or financial.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Chapter 4

Title: Procedure of Tribunals

State: Central

Year: 1993

.....1 of 2000, sec. 9, for section 19 (w.r.e.f. 17-1-2000). 2. Inserted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 20 - Appeal to the Appellate Tribunal (1) Save as provided in sub-section (2), any person aggrieved by an order made, or deemed to have been made, by a Tribunal under this Act, may prefer an appeal to an Appellate Tribunal having jurisdiction in the matter. (2) No appeal shall lie to the Appellate Tribunal from an order made by a Tribunal with the consent of the parties. (3) Every appeal under sub-section (1) shall be filed within a period of forty-five days from the date on which a copy of the order made, or deemed to have been made, by the Tribunal is received by him and it shall be in such form and be accompanied by such fee as may be prescribed: Provided that the Appellate Tribunal may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it with in that period. (4) On receipt of an appeal under sub-section (1), the Appellate Tribunal may, after giving the parties to the appeal, an opportunity of being heard, pass.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Chapter 6

Title: Miscellaneous

State: Central

Year: 1993

.....corresponding provisions of this Act. Amending Act 1 - AMENDMENT ACT THE ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS (AMENDMENT) ACT, 2004* [Act, No. 30 of 2004] [29th December, 2004] [Provisions amending The Recovery of Debts due to Banks and Financial Institutions Act, 1993] PREAMBLE An Act to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and further to amend the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956. be it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and commencement (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. (2) Save as otherwise provided in this Act, the provisions of this Act shall be deemed to have come into force on the llth day of November, 2004. * * * * * CHAPTER III AMENDMENTS TO THERECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 19. Amendment of section 2 In section 2 of the Recovery of Debts Due to Banks and Financial Institutions.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Section 2

Title: Definitions

State: Central

Year: 1993

In this Act, unless the context otherwise requires,-- (a) "Appellate Tribunal" means an Appellate Tribunal established under sub­section (1) of section 8; (b) "application" means an application made to a Tribunal under section 19; (c) "appointed day", in relation to a Tribunal or an Appellate Tribunal, means the date on which such Tribunal is established under sub-section (1) of section 3 or, as the case may be, sub-section (1) of section 8; (d) "bank" means-- (i) a banking company; (ii) a corresponding new bank; (iii) State Bank of India; (iv) a subsidiary bank; or (v) a Regional Rural Bank; (c) "banking company" shall have the meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); 1[(ea) "Chairperson" means a Chairperson of an Appellate Tribunal appointed under section 9,] (f) "corresponding new bank" shall have the meaning assigned to it in clause (da) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); 2[(g) "debt" means any liability (inclusive of interest) which is claimed as due from any person by a bank or a financial institution or by a consortium of banks or financial institutions.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Section 19

Title: Application to the Tribunal

State: Central

Year: 1993

.....recovered: Provided further that nothing contained in this sub-section relating to fee shall apply to cases transferred to the Tribunal under sub-section (1) of section 31- (4) On receipt of the application under sub-section (1) or sub-section (2), the Tribunal shall issue summons requiring the defendant to show cause within thirty days of the service of summons as to why the relief prayed for should not be granted. (5) The defendant shall, at or before the first hearing or within such lime as the Tribunal may permit, present a written statement of his defence. (6) Where the defendant claims to set-off against the applicant's demand and ascertained sum of money legally recoverable by him from such applicant, the defendant may, at the firs! hearing of the application, but not afterwards unless permitted by the Tribunal, present a written statement containing the particulars of the debt sought to be set-off. (7) The written statement shall have the same effect as a plaint in a cross-suit so as to enable the Tribunal to pass a final order in respect both of the original claim and of the set-off. (8) A defendant in an application may, in addition to his right of pleading.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Amending Act 1

Title: Amendment Act

State: Central

Year: 1993

.....November, 2004. * * * * * CHAPTER III AMENDMENTS TO THERECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 19. Amendment of section 2 In section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), (hereafter in this Chapter referred to as the principal Act), in clause (h), after sub-clause (i), the following sub-clause shall be inserted, namely:-- "(ia) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);". 20. Amendment of section 19.-- In section 19 of the principal Act, after sub-section (1), the following provisos shall be inserted, namely:-- "Provided that the bank or financial institution may, with the permission of the Debts Recovery Tribunal, on an application made by it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 for the purpose of taking action under the Securitisation and Reconstruction of.....

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Section 1

Title: Short Title, Extent, Commencement and Application

State: Central

Year: 1993

(1) This Act may be called the Recovery of Debts 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 come into force on the 24th day of June, 1993. (4) The provisions of this 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.