THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993

ACT NO. 51 OF 1993 · Enacted [27th August, 1993.] · 45 sections

PRELIMINARY

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

Section 2.Definitions.

ESTABLISHMENT OF TRIBUNAL AND APPELLATE TRIBUNAL

Section 3.Establishment of Tribunal.

Section 4.Composition of Tribunal.

Section 5.Qualifications for appointment as Presiding Officer.

Section 6.Term of office of Presiding Officer.

Section 6A.Qualifications, terms and conditions of service of Presiding Officer.

Section 7.Staff of Tribunal.

Section 8.Establishment of Appellate Tribunal.

Section 9.Composition of Appellate Tribunal.

Section 10.Qualifications for appointment as Chairperson of the Appellate Tribunal.

Section 11.Term of office of Chairperson of Appellate Tribunal.

Section 12.Staff of the Appellate Tribunal.

Section 13.Salary and allowances and other terms and conditions of service of Presiding Officers.

Section 14.Filling up of vacancies.

Section 15.Resignation and removal.

Section 15A.Qualifications, terms and conditions of service of Chairperson.

Section 16.Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings.

JURISDICTION, POWERS AND AUTHORITY OF TRIBUNALS

Section 17.Jurisdiction, powers and authority of Tribunals.

Section 17A.Power of Chairperson of Appellate Tribunal.

Section 18.Bar of jurisdiction.

PROCEDURE OF TRIBUNALS

Section 19.Application to the Tribunal.

Section 19A.Filing of recovery applications, documents and written statements in electronic form.

Section 20.Appeal to the Appellate Tribunal.

Section 21.Deposit of amount of debt due, on filing appeal.

Section 22.Procedure and powers of the Tribunal and the Appellate Tribunal.

Section 22A.Uniform procedure for conduct of proceedings.

Section 23.Right to legal representation and Presenting Officers.

Section 24.Limitation.

RECOVERY OF DEBT DETERMINED BY TRIBUNAL

Section 25.Modes of recovery of debts.

Section 26.Validity of certificate and amendment thereof.

Section 27.Stay of proceedings under certificate and amendment or withdrawal thereof.

Section 28.Other modes of recovery.

Section 29.Application of certain provisions of Income-tax Act.

Section 30.Appeal against the order of Recovery Officer.

Section 30A.Deposit of amount of debt due for filing appeal against orders of the Recovery Officer.

MISCELLANEOUS

Section 31.Transfer of pending cases.

Section 31A.Power of Tribunal to issue certificate of recovery in case of decree or order.

Section 31B.Priority to secured creditors.

Section 32.Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants.

Section 33.Protection of action taken in good faith.

Section 34.Act to have overriding effect.

Section 35.Power to remove difficulties.

Section 36.Power to make rules.

Section 37.Repeal and saving.