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Section 21: Deposit of amount of debt due, on filing appeal.

The Recovery Of Debts And Bankruptcy Act, 1993Central Act · Act 51 of 1993

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 [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, [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.

Where this provision sits

ActThe Recovery Of Debts And Bankruptcy Act, 1993
Section21
Marginal noteDeposit of amount of debt due, on filing appeal.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 44 of 2016. Subs. by Act 44 of 2016, s. 35, for "seventy-five per cent". (w.e.f. 1-9-2016).
  • substituted. Subs. by s. 35, ibid., for "waive or reduce the amount" (w.e.f. 1-9-2016).

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