Debt RecoveryLegal Dictionary

RDDB Act (Recovery of Debts and Bankruptcy Act)

Q: What is the legal basis for RDDB Act (Recovery of Debts and Bankruptcy Act) in Indian law?

RDDB Act (Recovery of Debts and Bankruptcy Act) is defined or referenced in: RDDB Act, 1993 (as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016).

RDDB Act, 1993 (as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016)

Definition

The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (renamed in 2016 to include "Bankruptcy"), which established the Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs). Banks and financial institutions file Original Applications before DRTs for recovery of debts above ₹20 lakhs. The Act provides a faster alternative to civil court proceedings.

Related Terms

DRTDRATOriginal ApplicationRecovery Certificate

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Need Expert Advice on RDDB Act (Recovery of Debts and Bankruptcy Act)?

For specific advice on how RDDB Act (Recovery of Debts and Bankruptcy Act) applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.

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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates