Central Government raises the pecuniary limit for filing application for recovery of debts in the Debts Recovery Tribunals

Sep 06, 2018 | by Avantis RegTech Legal Research Team


Section 1(4) of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 provides that the provisions of the said Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than Rs. 10 lakh or such other amount, being not less than Rs. 1 lakh, as the Central Government may, by notification, specify.

The Central Government has considered it necessary to raise the pecuniary limit from Rs. 10 lakh to Rs. 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions.

Therefore, the Central Government has specified that the provisions of the said Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than Rs. 20 lakh.

[S.O. 4312(E)]

URL: http://www.egazette.nic.in/WriteReadData/2018/189164.pdf


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