RDB Act · 1(4)
Applicability by debt threshold
The Act applies where the amount of debt due to a bank or financial institution is not less than ₹20 lakh (as notified).
Library
Civil & Commercial
Recovery of Debts and Bankruptcy Act, 1993
1993 · Ministry of Finance · 37 sections
Establishes Debts Recovery Tribunals and Appellate Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions of ₹20 lakh and above.
Most-invoked sections
RDB Act · 17
Jurisdiction of the Tribunal
The DRT has exclusive jurisdiction to entertain applications from banks and financial institutions for recovery of debts; the DRAT hears appeals.
RDB Act · 18
Bar of jurisdiction
No court or authority other than the Tribunal (save the Supreme Court and High Courts under Articles 226/227) has jurisdiction in relation to matters within the DRT's jurisdiction.
RDB Act · 19
Application to the Tribunal
Procedure for the original application, the defendant's written statement, counter-claim, interim orders, and the issue of a recovery certificate.
RDB Act · 20
Appeal to the Appellate Tribunal
An appeal lies to the DRAT within thirty days; the appellant must ordinarily deposit fifty per cent of the debt determined (reducible to twenty-five per cent).
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