(1) This Act may be called the Recovery of Debts 1[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) 2[Save as otherwise provided, the provisions of this Code] 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 ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
(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) 2[Save as otherwise provided, the provisions of this Code] 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 ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.
Source footnotes
1. Subs. by Act 31 of 2016, s. 249 and the Sch. V, for "Due to Banks and Financial Institutions" (w.e.f. 1-12-2019) .2.Subs, by s. 249 and the Sch. V, ibid for "The provision of this Act" (w.e.f. 1-12-2019).
*. Vide notifn No. S.O. 3912(E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.
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Section 2 · Definitions.Section 3 · Establishment of Tribunal.Section 4 · Composition of Tribunal.Section 5 · Qualifications for appointment as Presiding Officer.Section 6 · Term of office of Presiding Officer.Section 6A · Qualifications, terms and conditions of service of Presiding Officer.Section 7 · Staff of Tribunal.Section 8 · Establishment of Appellate Tribunal.India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2021-07-15. Check the linked official text and subsequent notifications when applying a provision.