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Public Debt Act, 1944 Section 14

Title: Recording of Evidence

State: Central

Year: 1944

(1) For the purpose of making any order which it is empowered to make under this Act, the Bank may request a District Magistrate1[* * *] to record or to have recorded the whole or any part of such evidence as any person whose evidence the Bank requires may produce. A District Magistrate so requested may himself record, or may direct any Magistrate of the first class subordinate to him or any Magistrate of the second class subordinate to him and empowered in this behalf by general or special order of the2[State Government] to record the evidence, and shall forward a copy thereof to the Bank. (2) For the purpose of making a vesting order under this Act the Bank may direct one of its officers to record the evidence of any person whose evidence the Bank requires or may receive evidence upon affidavit. (3) A Magistrate or an officer of the Bank acting in pursuance of this section may administer an oath to any witness examined by him. ________________________ 1. Thewords "or in a Part B State the Political Agent" were omitted by the Public Debt (Amendment) Act, 1956 (57 of 1956), section 9 (15-10-1958). 2. Substituted for words "Provincial Government" by A.L.O., 1950.

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Displaced Persons (Debts Adjustment) Act, 1951 Section 32

Title: Scaling Down of Debts

State: Central

Year: 1951

.....realise any money from the assets of the debtor in India. (6) For the purposes of this Act, the amount payable from the compensation for the satisfaction of the second part of the decree shall be that amount as bears to the aggregate amount of all the debts in the second part of the decree [including therein any sum added to it under sub-section (5) and the sum determined in favour of the secured creditor in the manner specified in the proviso to clause (a) of sub-section (3) of section 16] as the compensation in respect of the property of the debtor payable to him under the Displace Persons (Claims) Act, 1950 (XLIV of 1930) bears to the verified claim; and the balance of the compensation, if any shall be, refunded to the displaced debtor. (7) Every instalment paid by the displaced debtor in respect of the first part of the decree and any sum payable from the compensation in accordance with sub-section (6) shall be distributed rateably amongst the decree-holders, if more persons than one are entitled thereto: Provided that the secured creditor who has not elected to be treated as an unsecured creditor under section 76 shall be entitled to a prior charge on the amount.....

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Displaced Persons Debts Adjustment Act, 1951 Section 32

Title: Scaling Down of Debts

State: Central

Year: 1951

.....realise any money from the assets of the debtor in India. (6) For the purposes of this Act, the amount payable from the compensation for the satisfaction of the second part of the decree shall be that amount as bears to the aggregate amount of all the debts in the second part of the decree [including therein any sum added to it under sub-section (5) and the sum determined in favour of the secured creditor in the manner specified in the proviso to clause (a) of sub-section (3) of section 16] as the compensation in respect of the property of the debtor payable to him under the Displace Persons (Claims) Act, 1950 (XLIV of 1930) bears to the verified claim; and the balance of the compensation, if any shall be, refunded to the displaced debtor. (7) Every instalment paid by the displaced debtor in respect of the first part of the decree and any sum payable from the compensation in accordance with sub-section (6) shall be distributed rateably amongst the decree-holders, if more persons than one are entitled thereto: Provided that the secured creditor who has not elected to be treated as an unsecured creditor under section 76 shall be entitled to a prior charge on the amount.....

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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 3

Title: Amendments to the Recovery of Debts Due to Banks Andfinancial Institutions Act, 1993

State: Central

Year: 2004

.....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);". Section 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 Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), if no such action had been taken earlier under that Act: Provided further that any application made under the first proviso for seeking permission from the Debts Recovery Tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of.....

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Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Section 21

Title: Deposit of Amount of Debt Due, on Filing Appeal

State: Central

Year: 1993

Where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal seventy-five per cent, of the amount of debt so due from him as determined by the Tribunal under section 19: Provided that the Appellate Tribunal may, for reasons to be recorded in writing, waive or reduce the amount to be deposited under this section.

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Public Debt Act, 1944 Complete Act

Title: Public Debt Act, 1944

State: Central

Year: 1944

.....securities Section14 - Recording of evidence Section15 - Postponement of payment and registration of transfers pending the making of a vesting order Section16 - Power to Bank to require bonds Section17 - Publication of notices in Official Gazette Section18 - Scope of vesting order Section19 - Legal effect of orders made by the Bank Section20 - Stay of proceedings on order of Court Section21 - Cancellation by the Bank of vesting proceedings Section22 - Discharge in respect of interest on Government securities Section23 - Discharge in respect of bearer bonds Section24 - Period of limitation of Central Government's liability in respect of interest Section25 - Inspection of documents Section26 - The bank and its officers to be deemed public officers Section27 - Penalty Section28 - Power to make rules Section29 - Certain Laws not to apply to Government Securities Section30 - Construction of reference to laws not in force before 1st April in Part B, States Section31 - Construction of references to laws not in force in Jammu and Kashmir Amending Act1 - AMENDMENT ACT 6 of 1949 Amending Act2 - AMENDMENT ACT 57 of 1956 Amending Act3 - AMENDMENT ACT 44 of 1959 .....

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Displaced Persons (Debts Adjustment) Act, 1951 Section 16

Title: Debts Secured on Immovable Property

State: Central

Year: 1951

.....creditor. (2) If the creditor elects to retain the security, he may apply to the Tribunal, having jurisdiction in this behalf as provided in section 10, for a declaration of the amount due under his debt. (3) Where in any case, the creditor elects to retain his security if the displaced debtor receives any compensation in respect of any such property as is referred to in sub-section (1), the creditor shall be entitled-- (a) where the compensation is paid in cash, to a first charge thereon: Provided that the amount of the debt in respect of which he shall be entitled to the first charge shall be that amount as bears to the total debt the same proportion as the compensation paid in respect of the property bears to the value of the verified claim in respect thereof and to that extent the debt shall be deemed to have been reduced; (b) where the compensation is by way of exchange or property, to a first charge on the property situate in India so received by way of exchange: Provided that the amount of the debt in respect of which he shall be entitled to the first charge shall be that amount as bears to the total debt the same proportion as the value of the property.....

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Displaced Persons (Debts Adjustment) Act, 1951 Section 23

Title: Simplified Procedure in Certain Cases.-in the Determination of Any Individual Debt Which Does Not Exceed Five Thousand Rupees

State: Central

Year: 1951

(a) it shall not be necessary for the Tribunal to take down the evidence of the witnesses in writing at length but the Tribunal, as the examination of each witness proceeds, shall make a memorandum of the substance of what he deposes and such memorandum shall be written and signed by the Tribunal and shall form part of the record; (b) the decision of the Tribunal need not contain more than the points for determination and the decision thereon.

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Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Chapter 5

Title: Recovery of Debt Determined by Tribunal

State: Central

Year: 1993

.....as if the said provisions and the rules referred to the amount of debt due under this Act instead of to the Income-tax: Provided that any reference under the said provisions and the rules to the "assessee" shall be construed as a reference to the defendant under this Act. Section 30 - Appeal against the order of Recovery Officer 1[30. Appeal against the order of Recovery Officer (1) Notwithstanding anything contained in section 29, any person aggrieved by an order of the Recovery Officer made under this Act may, within thirty days from the date on which a copy of the order is issued to him, prefer an appeal to the Tribunal. (2) On receipt of an appeal under sub-section (1), the Tribunal may, after giving an opportunity to the appellant to be heard, and after making such inquiry as it deems fit, confirm, modify or set aside the order made by the Recovery Officer in exercise of his powers under sections 25 to 28 (both inclusive).] ________________________ 1. Substituted by Act 1 of 2000, section 12, for section 30 (w.r.e.f. 17-1-2000).

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Displaced Persons Debts Adjustment Act, 1951 Section 16

Title: Debts Secured on Immovable Property

State: Central

Year: 1951

.....creditor. (2) If the creditor elects to retain the security, he may apply to the Tribunal, having jurisdiction in this behalf as provided in section 10, for a declaration of the amount due under his debt. (3) Where in any case, the creditor elects to retain his security if the displaced debtor receives any compensation in respect of any such property as is referred to in sub-section (1), the creditor shall be entitled-- (a) where the compensation is paid in cash, to a first charge thereon: Provided that the amount of the debt in respect of which he shall be entitled to the first charge shall be that amount as bears to the total debt the same proportion as the compensation paid in respect of the property bears to the value of the verified claim in respect thereof and to that extent the debt shall be deemed to have been reduced; (b) where the compensation is by way of exchange or property, to a first charge on the property situate in India so received by way of exchange: Provided that the amount of the debt in respect of which he shall be entitled to the first charge shall be that amount as bears to the total debt the same proportion as the value of the property.....

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