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An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions 1 [,insolvency resolution and bankruptcy of
The Recovery Of Debts And Bankruptcy Act, 1993 Long Title: 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.
The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions.
The Recovery of Debts and Bankruptcy Act, 1993. Introduction. Debt Recovery Tribunals have been established to facilitate the debt recovery process involving banks and financial institutions with their customers.
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:- Back.
Feb 26, 2020 · The Supreme Court has recently in its judgment dated 21 January 2020, in the case of Standard Chartered Bank v MSTC Limited [SLP (C) No 20093 of 2019], provided clarity on the interplay between the provisions of Recovery of Debts and Bankruptcy Act 1993 (RDB Act) and Limitation Act 1963 (Limitation Act).
INFORMATION RELATED TO DEBT RECOVERY TRIBUNAL SECTION. • Establishment of DRTs/DRATs under the Recovery of Debts due to Banks and Financial Institutions Act, 1993. • Administration of Recovery of Debts and Bankruptcy (RDB) Act, framing or amending rules for implementing of the provisions of the Act.
Section 2 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993. 2. Definitions. - In this Act, unless the context otherwise requires, (a) Appellate Tribunal means an Appellate Tribunal established under sub-section (1) of section 8;
Jurisdiction, powers and authority of Tribunals. (1) A Tribunal shall exercise, on and from the appointed day, the jurisdiction, powers and authority to entertain and decide applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions.
In this Act, unless the context otherwise requires, (a) Appellate Tribunal means an Appellate Tribunal established under sub-section (1) of section 8; (b) application means an application made to a Tribunal under section 19;
