Act Number: 51

Act Name: The Recovery Of Debts And Bankruptcy Act, 1993

Year: 1993

Enactment Date: 1993-08-27

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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 25: Modes of recovery of debts.
    The Recovery Officer shall, on receipt of the copy of the certificate under sub-section (7) of section 19, proceed to recover the amount of debt specified in the certificate by one or more of the following modes, namely:--
         (a) attachment and sale of the movable or immovable property of the defendant;
         1[(aa) taking possession of property over which security interest is created or any other property of the defendant and appointing receiver for such property and to sell the same;]
         (b) arrest of the defendant and his detention in prison;
         (c) appointing a receiver for the management of the movable or immovable properties of the defendant;
         1[(d) any other mode of recovery as may be prescribed by the Central Government.]
Notes:
` Ins. by s. 38, ibid. (w.e.f. 1-9-2016)
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