AI Overview...
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Enactment and Purpose - The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, was enacted to provide a specialized legal framework for the speedy recovery of debts owed to banks and financial institutions in India. It aims to streamline debt recovery processes outside traditional civil courts INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED VS ALLIED INTERNATIONAL PRODUCTS LIMITED - Delhi, D. K. ABDUL KHADER VS UNION OF INDIA - Karnataka.
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Scope and Definitions - The Act defines debt broadly to include any amount due to banks or financial institutions, covering secured and unsecured debts. It also establishes the jurisdiction of Debt Recovery Tribunals (DRTs) to hear and decide cases related to debt recovery Jeevan Diesel & Electrical Limited VS State Bank of India - Calcutta, INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED VS ALLIED INTERNATIONAL PRODUCTS LIMITED - Delhi.
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Legal and Judicial Framework - The Act overrides certain provisions of the Civil Procedure Code and other laws, ensuring that DRT decisions are binding and have precedence over civil courts in debt recovery matters. It also stipulates that the proceedings before DRT are to be summary in nature and expedite recovery In re : Indian Research Institute Ltd. VS Official Liquidator - Calcutta, WALTER ROSARIO VS CORPORATION BANK - Dishonour Of Cheque.
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Secured Debts and Collateral - Provisions under Section 19 and related sections facilitate the securitization and reconstruction of secured debts, allowing banks to recover dues by auctioning collateral or restructuring debts DTM CONSTRUCTION PVT. LTD. VS UNITED BANK OF INDIA - Calcutta.
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Jurisdiction and Procedure - The Act grants exclusive jurisdiction to DRTs for debt recovery cases, limiting the role of civil courts. It also provides mechanisms for arbitration and appeals, ensuring quick resolution WALTER ROSARIO VS CORPORATION BANK - Dishonour Of Cheque, Rewa Sidhi Gramin Bank VS Ramniwas Agrawal - Madhya Pradesh.
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Property Rights and Legal Limitations - Certain property rights are protected under the Act, with specific provisions like Section 34 addressing issues related to property rights during recovery proceedings. The Act also clarifies that its provisions are independent of and not ousted by other laws such as the Companies Act Atiq Malik VS State of Uttaranchal - Uttarakhand.
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Supremacy over Civil Courts - Judicial interpretations confirm that the Act's provisions take precedence over civil courts in matters of debt recovery, emphasizing its specialized nature and efficiency In re : Indian Research Institute Ltd. VS Official Liquidator - Calcutta.
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Impact and Effectiveness - The Act has significantly contributed to the faster recovery of debts, reducing the burden on civil courts and enabling banks and financial institutions to recover dues more effectively BANK OF INDIA VS LUK AUTO ANCILLARY (INDIA) LIMITED - Delhi.
Analysis and Conclusion:
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, is a crucial legislative tool designed to facilitate rapid and effective recovery of debts by banks and financial institutions in India. Its establishment of specialized tribunals, clear procedural rules, and precedence over civil courts have streamlined debt recovery processes. The Act balances the interests of creditors with property rights and legal protections, making it a cornerstone of financial law enforcement in India.
References:
- INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED VS ALLIED INTERNATIONAL PRODUCTS LIMITED - Delhi
- BANK OF INDIA VS LUK AUTO ANCILLARY (INDIA) LIMITED - Delhi
- DTM CONSTRUCTION PVT. LTD. VS UNITED BANK OF INDIA - Calcutta
- Rewa Sidhi Gramin Bank VS Ramniwas Agrawal - Madhya Pradesh
- Atiq Malik VS State of Uttaranchal - Uttarakhand
- In re : Indian Research Institute Ltd. VS Official Liquidator - Calcutta
- WALTER ROSARIO VS CORPORATION BANK - Dishonour Of Cheque
- Jeevan Diesel & Electrical Limited VS State Bank of India - Calcutta
- D. K. ABDUL KHADER VS UNION OF INDIA - Karnataka
Search Results for "Recovery of Debts Due to Banks and Financial Institutions Act 1993"
1997 0 Supreme(Del) 66 • India - Delhi
JASPAL SINGH
INTO FORCE OF THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993. ... INTO FORCE OF THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993. ... THE COMING INTO FORCE OF THE RECOVERY OF DEBTS DUE TO BANKS#HL_E....
2000 0 Supreme(Del) 432 • India - Delhi
J.B.GOEL
to yield to the provisions of Recovery of Debts Due to Banks & Financial Institutions Act, 1993. ... Companies Act, 1956 - Section 446 — Effect on provisions of Recovery of Debts Due Banks & Financial Institutions Act, 1993 — The ... ... Recovery of Debts....
2006 0 Supreme(Cal) 631 • India - Calcutta
PRANAB KUMAR DEB
and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. ... SECURED DEBTS - RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 - SECTION 19 - SECURITISATION AND RECONSTRUCTION ... The Recovery of Debts Due#HL....
2002 0 Supreme(MP) 1184 • India - Madhya Pradesh
ARUN MISHRA
independent and not ousted by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. ... Lok Dhan (Shodhya Rashiyon Ki Vasuli) Adhiniyam 1987, Recovery of Debts Due to Banks and Financial Institutions Act, 1993] - The ... Lok Dhan (Shodhya Rashiyon Ki Vasuli) Adhiniyam 1987 and the #HL_START....
2006 0 Supreme(UK) 671 • India - Uttarakhand
PRAFULLA C.PANT, DHARAM VEER
Recovery of Debts Due to Banks and Financial Institutions Act - Property Rights - Section 34 of Recovery of Debts Due to Banks ... Canara Bank, where it was held that the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993....
2000 0 Supreme(Cal) 156 • India - Calcutta
Shyamal Kumar Sen, Prodyot Kumar Sen
The court further held that the provisions of the Recovery of Debts due to Banks & Financial Institutions Act, 1993 prevail over ... applications from banks and financial institutions for recovery of debts due to such banks and financial institutions, if the amount ... financial#HL....
2002 0 Supreme(MP) 33 • India - Madhya Pradesh
ARUN MISHRA
the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. ... Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Jurisdiction - Madhya Pradesh Lok Dhan (Shodhya Rashiyon ... Issues: The main issue is whether the Recovery of Debts #HL_START....
• India - Dishonour Of Cheque
D.V.SHYLENDRA KUMAR, A.M.FAROOQ
of Debts Due to Banks and Financial Institutions Act, 1993. ... Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Jurisdiction of Civil Court - Section 18 - Arbitration Act ... that the Recovery of Debts Due to Banks a....
2015 0 Supreme(Cal) 408 • India - Calcutta
SIDDHARTHA CHATTOPADHYAY
RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 - SECTION 2(G), 29 - DEBT - INTERPRETATION - LIABILITY - BANK ... TRANSACTION - MISTAKE - ADJUSTMENT - The term "debt" under Section 2(g) of the Recovery of Debts due to Banks and Financial Institutions ... and Financial Institutions #HL_STAR....
2001 0 Supreme(Kar) 109 • India - Karnataka
H.N.TILHARI
Recovery of Debts Due to Banks and Financial Institutions Act, 1993-Section 3, Constitution of India-Article 323B-Enactment of law ... ... Recovery of Debts Due to Banks and Financial Institutions Act, 1993 ... of Debts Due to Banks and Financia....
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