Section 21
Deposit of amount of debt due, on filing appeal.
The Recovery Of Debts And Bankruptcy Act, 1993
About this Act
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.
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 1[fifty 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, 2[reduce the amount to be deposited by such amount which shall not be less than twenty-five per cent. of the amount of such debt so due] to be deposited under this section.
Provided that the Appellate Tribunal may, for reasons to be recorded in writing, 2[reduce the amount to be deposited by such amount which shall not be less than twenty-five per cent. of the amount of such debt so due] to be deposited under this section.
Notes
1 Subs. by Act 44 of 2016, s. 35, for "seventy-five per cent". (w.e.f. 1-9-2016).
2 Subs. by s. 35, ibid., for "waive or reduce the amount" (w.e.f. 1-9-2016).
2 Subs. by s. 35, ibid., for "waive or reduce the amount" (w.e.f. 1-9-2016).