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51/1993 - The Recovery Of Debts And Bankruptcy Act, 1993 ▶

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