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

PRELIMINARY

Section 1 — 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.

Browse all 45 sections
  1. 1.Short title, extent, commencement and application.
  2. 2.Definitions.
  3. 3.Establishment of Tribunal.
  4. 4.Composition of Tribunal.
  5. 5.Qualifications for appointment as Presiding Officer.
  6. 6.Term of office of Presiding Officer.
  7. 6A.Qualifications, terms and conditions of service of Presiding Officer.
  8. 7.Staff of Tribunal.
  9. 8.Establishment of Appellate Tribunal.
  10. 9.Composition of Appellate Tribunal.
  11. 10.Qualifications for appointment as Chairperson of the Appellate Tribunal.
  12. 11.Term of office of Chairperson of Appellate Tribunal.
  13. 12.Staff of the Appellate Tribunal.
  14. 13.Salary and allowances and other terms and conditions of service of Presiding Officers.
  15. 14.Filling up of vacancies.
  16. 15.Resignation and removal.
  17. 15A.Qualifications, terms and conditions of service of Chairperson.
  18. 16.Orders constituting Tribunal or an Appellate Tribunal to be final and not to invalidate its proceedings.
  19. 17.Jurisdiction, powers and authority of Tribunals.
  20. 17A.Power of Chairperson of Appellate Tribunal.
  21. 18.Bar of jurisdiction.
  22. 19.Application to the Tribunal.
  23. 19A.Filing of recovery applications, documents and written statements in electronic form.
  24. 20.Appeal to the Appellate Tribunal.
  25. 21.Deposit of amount of debt due, on filing appeal.
  26. 22.Procedure and powers of the Tribunal and the Appellate Tribunal.
  27. 22A.Uniform procedure for conduct of proceedings.
  28. 23.Right to legal representation and Presenting Officers.
  29. 24.Limitation.
  30. 25.Modes of recovery of debts.
  31. 26.Validity of certificate and amendment thereof.
  32. 27.Stay of proceedings under certificate and amendment or withdrawal thereof.
  33. 28.Other modes of recovery.
  34. 29.Application of certain provisions of Income-tax Act.
  35. 30.Appeal against the order of Recovery Officer.
  36. 30A.Deposit of amount of debt due for filing appeal against orders of the Recovery Officer.
  37. 31.Transfer of pending cases.
  38. 31A.Power of Tribunal to issue certificate of recovery in case of decree or order.
  39. 31B.Priority to secured creditors.
  40. 32.Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants.
  41. 33.Protection of action taken in good faith.
  42. 34.Act to have overriding effect.
  43. 35.Power to remove difficulties.
  44. 36.Power to make rules.
  45. 37.Repeal and saving.