( 1 ) WITH a view to give impetus to the industrial development of the country, the Central and State Governments encouraged the banks and other financial institutions to formulate liberal policies for grant of loans and other financial facilities to the industrial entrepreneurs. However, those who were granted these facilities did not bother to repay the loans etc. and whenever efforts were made for recovery of the dues, the defaulters dragged the banks etc. in the Courts. The tardy progress made in the adjudication of litigation filed in the Civil Courts resulted in blockage of several hundred crores of public money. In order to redeem the situation, the Parliament enacted the recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short, the 1993 Act) which, among other things, paved way for creation of specialized forums. e. the Debts Recovery Tribunals and the Debts Recovery Appellate tribunals for expeditious adjudication of disputes relating to the recovery of debts dues of banks and public financial institutions. The 1993 Act also created a bar to the entertaining of civil suits in matters involving recovery of the dues of the banks et