Corporate, Banking and Tax
The Recovery of Debts and Bankruptcy Act, 1993
Act 51 of 1993 · 45 sections
Practise questions on Banking & Financial Laws
Title, date and preamble
[27th August, 1993.]
An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery
of debts due to banks and financial institutions [, insolvency resolution and bankruptcy of
individuals and partnership firms] 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:—
Contents
CHAPTER I PRELIMINARY
CHAPTER II ESTABLISHMENT OF TRIBUNAL AND APPELLATE TRIBUNAL
- 3.Establishment of Tribunal
- 4.Composition of Tribunal
- 5.Qualifications for appointment as Presiding Officer
- 6.Term of office of Presiding Officer
- 6A.Qualifications, terms and conditions of service of Presiding Officer
- 7.Staff of Tribunal
- 8.Establishment of Appellate Tribunal
- 9.Composition of Appellate Tribunal
- 10.Qualifications for appointment as [the Chairperson of the Appellate Tribunal]
- 11.Term of office of Chairperson of Appellate Tribunal
- 12.Staff of the Appellate Tribunal
- 13.Salary and allowances and other terms and conditions of service of Presiding Officers
- 14.Filling up of vacancies
- 15.Resignation and removal
- 15A.Qualifications, terms and conditions of service of Chairperson
- 16.Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings
CHAPTER III JURISDICTION, POWERS AND AUTHORITY OF TRIBUNALS
CHAPTER IV PROCEDURE OF TRIBUNALS
- 19.Application to the Tribunal
- 19A.Filing of recovery applications, documents and written statements in electronic form
- 20.Appeal to the Appellate Tribunal
- 21.Deposit of amount of debt due, on filing appeal
- 22.Procedure and powers of the Tribunal and the Appellate Tribunal
- 22A.Uniform procedure for conduct of proceedings
- 23.Right to legal representation and Presenting Officers
- 24.Limitation
CHAPTER V RECOVERY OF DEBT DETERMINED BY TRIBUNAL
- 25.Modes of recovery of debts
- 26.Validity of certificate and amendment thereof
- 27.Stay of proceedings under certificate and amendment or withdrawal thereof
- 28.Other modes of recovery
- 29.Application of certain provisions of Income-tax Act
- 30.Appeal against the order of Recovery Officer
- 30A.Deposit of amount of debt due for filing appeal against orders of the Recovery Officer
CHAPTER VI MISCELLANEOUS
- 31.Transfer of pending cases
- 31A.Power of Tribunal to issue certificate of recovery in case of decree or order
- 31B.Priority to secured creditors
- 32.Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants
- 33.Protection of action taken in good faith
- 34.Act to have overriding effect
- 35.Power to remove difficulties
- 36.Power to make rules
- 37.Repeal and saving