Introduction
The Recovery of Debts and Bankruptcy Act, 1993 (formerly known as the Recovery of Debts Due to Banks and Financial Institutions Act, 1993) is a central law enacted to provide for the establishment of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) for the speedy recovery of debts due to banks and financial institutions.
The Act lays down the procedure for recovery proceedings, adjudication of debt claims, appeals, and enforcement of recovery certificates. Individuals, borrowers, banks, financial institutions, lawyers, and researchers often require a copy of the Act for legal reference and compliance purposes.
Where Can A Copy Of The Debt Recovery Tribunal Act Be Obtained?
A copy of the Recovery of Debts and Bankruptcy Act, 1993 can be obtained from official government sources, law libraries, legal databases, and authorised law publishers. The most reliable source is the official website of the , which hosts central legislation enacted by Parliament.
Copies may also be available through court libraries, university libraries, and legal research institutions.
Can The Act Be Downloaded Online?
Yes. The Act is publicly available online and may be downloaded from official government websites. Users can access the legislation in digital format for reading, downloading, and printing.
It is advisable to obtain the Act from official government sources to ensure that the version being used contains all amendments and remains legally accurate.
What Is The Procedure For Obtaining A Copy?
The process is straightforward. A person may visit the Legislative Department website and search for the Recovery of Debts and Bankruptcy Act, 1993. The Act can then be viewed online or downloaded for future reference.
Those who prefer a printed version may purchase a copy from authorised legal publishers or consult a law library. Since the legislation is a public statute, certified copies are generally unnecessary for ordinary legal and academic purposes.
Can A Copy Be Obtained Through The Right To Information Act?
Generally, there is no need to file an application under the Right to Information Act, 2005 because the Act is already available in the public domain.
However, if a person requires specific tribunal records, administrative documents, notifications, or circulars relating to Debt Recovery Tribunals, an RTI application may be submitted to the appropriate public authority, subject to applicable legal provisions.
What Are The Important Provisions Of The Act?
The Act contains several important provisions governing debt recovery proceedings.
Section 3 provides for the establishment of Debt Recovery Tribunals.
Section 8 provides for the establishment of Debt Recovery Appellate Tribunals.
Section 17 confers jurisdiction, powers, and authority upon Debt Recovery Tribunals.
Section 18 bars the jurisdiction of civil courts in matters assigned to DRTs.
Section 19 deals with applications made by banks and financial institutions for recovery of debts.
Section 20 provides for appeals to the Debt Recovery Appellate Tribunal.
Section 25 governs the modes of recovery of debts.
Section 31B grants priority to secured creditors in certain circumstances.
These provisions form the foundation of debt recovery proceedings before DRTs and DRATs.
Why Is This Act Important?
The Recovery of Debts and Bankruptcy Act, 1993 was enacted to ensure speedy recovery of debts due to banks and financial institutions and to reduce delays associated with ordinary civil litigation.
The Act provides specialised tribunals with expertise in financial disputes and plays a significant role in strengthening the banking system, improving credit recovery mechanisms, and supporting financial stability.
Conclusion
Obtaining a copy of the Recovery of Debts and Bankruptcy Act, 1993 is generally simple because the legislation is publicly available through official government websites, legal databases, libraries, and authorised law publishers. Access to the Act helps borrowers, banks, legal professionals, researchers, and students understand the legal framework governing debt recovery proceedings before Debt Recovery Tribunals in India.
