Recovery of Debts and Bankruptcy Act, 1993

RECOVERY OF DEBTS [AND BANKRUPTCY] ACT, 1993

[51 OF 1993]

An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions[, insolvency resolution and bankruptcy of individuals and partnership firms] and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Forty-fourth Year of the Republic of India as follows :-

CHAPTER I

PRELIMINARY

Short title, extent, commencement and application.

1. (1) This Act may be called the Recovery of Debts [and Bankruptcy] Act, 1993.

(2) It extends to the whole of India except the State of Jammu and Kashmir.

(3) It shall be deemed to have come into force on the 24th day of June, 1993.

(4) [Save as otherwise provided, the provisions of this Code] 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 ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.