(1) This Ordinance may be called the Recovery of Debts Due to Banks and Financial Institutions Ordinance, 1993.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
Short title, extent.
commencement and application.
4 "THE GAZETTE OF^INDIA EXTRAORDINARY [PART h— Definitions.
(3) It shall come into force at once.
(4) The provisions of this Ordinance shall not apply where thei amount of debt due to any bank or financial institution or to. a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
2. In this Ordinance, unless the context otherwise requires,—
(a) "Appellate Tribunal" msaPs an Appellate Tribunal established under sub-section (1) of section 8;
(b) "application" means-an application made to a Tribunal under section 19;
(c), "appointed day", in relation to a Tribunal or an Appellate- Tribunal, means the date on which such Tribunal is established under sub-sectio,n (1) of section 3 or, as the case may be, sub-section (1) of section 8;
'(d) (<bank" means—
(i) a banking company;
(ii) a corresponding new bank;
(in) State Bank of Ijnclia;
(iv) a subsidiary bank; or
(v) a Regional Rural Bank;
(e) "banking company'' shall have the meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1&#J ••
(f) "corresponding new bank" shall have the meaning assigned to it in clause (da) of section 5 of the Banking Regulation Act, 1949;
(9) "debt" meariB any liability (inclusive of interest) , whicjb is alleged as due from any person by a bank or a financial j^rtitifc ti^n or by a consortium of banks dr.". financial institutidtrWing the course of -a»y business activity undfcrtgken by the bank «*> Ifce financial institution or the consortium under any law for the time being in force, in cash or otherwise, whether secured or unsecured, or whether payable under a decree or order of any civil cour^ or otherwise and subsisting on, and legally recoverable on, the date of the application;
(h) "financial institution" means— "
(i) a public financial institution within the meaning of section 4A of the Companies Act, 1966;
,. '(i*) such other institution as the Central Government may, having regard to its business activity and the area of its opera- _ tion in India, by notification, specify;
(i) "notification'' means a notification published in the Official Gazette;
10 of I N * 10 of 1949.
1 i _ SEC, 1]- ? rHE G A Z E T T E OF INDIA EXTRAORDINARY » • •-.-bJk , . •> 21 of 1976.
23 of 1955.
38 of 1959.
Q\ "inescribed" means prescribed by rules made under this _ -Ordinaa^e.
(ty jstecovery Officer" means a Recovery Officer appointed by the Central' Government for each Tribunal under sub-section (1) of section 7; \ (I) "Regioftak Rural Bank" means a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976;
(m) "State Ballot o f India" means the State Bank of India constituted under 9@cM» 3 of the State Bank of India Act, 1955;
(n) "subsidiary b a W ' shall have the meaning assigned to it in clause (fc) of section A of the State Bank of India (Subsidiary Banks) Act, 1950J I y , <o) "T*ib«*iaiM « A B S the Tribunal established untter sub-section _ (I) joi seetk*?^. -M 'X' ;^^Z\ ~~ CHAPTER II ^TftSL^BSSssfTt w r p g j B ^ ^ A N D APPELLATE TRIBUNAL 3> ^ ^ ^ J a r S ^ I 0 ^ 6 1 1 1 1 1 1 6 1 1 * shall, by notification, establish one or m o J * 3 * " * 2 | 2 J C J ^daown as the Debts Recovery Tribunal, to exercise ^ P*TfTL'etk^en, and authority conferred on such Tri-ĴBunal by oy4inte| tia^oro^T ^ ^ (m^Qx&~G^^l GwerntfT . .
. W ^ T i S p ^ A ^ / n pat diall also specify, in the notification j ^ m ^ o ^ ^ - s e c f ^ 4 ^ i e areas within which the Tribunal may i^eit , ^ S T ' N and d ^ d i n § the aPP^^ons filed y 4. _P) A.-Tribunal shall c o A " . . ' ^ / , ,„ , , „ y *• ±*> •» r*«s^X"*l£«l1®tfe person only (hereinafter referred to as the Presiding Officer^W * v , * x.« .• t.
the Central Government. *A * «PP<)inted, by notification, by
(2) Notwithstanding anything tM^ t * Central Governent may authorise t h i ^ ^ ^ «i sub-section (I), the to discharge also the functions of the P*M>* ^ c e r o « / ^ Tribunal . , ^ ",Officer of another Tnounal,
5. A person shall not be qualified for appoint»en^ Officer of a Tribunal unless he is, or has Been, or is qw88 * e ' "esjaing -.• i • . T J ^ilflea to be, a District Judge, •
6. The Presiding Officer of a Tribunal shall hold office for a « ^ ^ of five years from the date on which he enters upon his efflee or unr1-^ he attains the age of sixty years, whichever is earlier. w