r recovery. Subsection (18) lists several powers of the Tribunal, such as appointing a receiver, removing a person from possession of the property, etc. Section 19 (22) authorizes the Court to issue a certificate for recovery of debts, which has been placed on par with the decree of a civil court on recovery of money. DEBT RECOVERY – LEGAL FRAMEWORK IN INDIA The Indian legal system includes various legal provisions for debt recovery by banks and financial institutions as follows: - Summary proceedings under Order XXXVII of the Code of Civil Procedure, 1908. ? Ordinary recovery proceedings, under civil law. ?Original applications are to be filed by banks and financial institutions before the Debt Recovery Tribunal for a debt of at least Rs. 10 lakhs, under the Bank Recovery Act, 1993 due to banks and financial institutions. financial institutions (DRT law). ?An action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act 2002 (Securitization Act). ?Arbitration proceedings under the Arbitration and Conciliation Act, 1996, for recovery of unpaid amount as stated in the arbitration agreement/clause in the loan documents, in cases where the Act, 1993 on the recovery of debts owed to banks and financial institutions is not applicable. ?Initiation of criminal action in addition to civil proceedings for prosecution and punishment under the Indian Penal Code and other laws where the debt is also tainted by fraud, cheating, mischief, etc. Keep in mind: this is just a sample. Get a custom paper now from our expert writers.Get a custom essayFiling a criminal complaint under section 138 of the Negotiable Instruments Act, 1881 for dishonor of any check issued by the borrower to bank in discharge of legally enforceable liability.

Essay / r recovery. Subsection (18) lists several powers of the Tribunal, such as appointing a receiver, removing a person from possession of the property, etc. Section 19 (22) authorizes the Court to issue a certificate for recovery of debts, which has been placed on par with the decree of a civil court on recovery of money. DEBT RECOVERY – LEGAL FRAMEWORK IN INDIA The Indian legal system includes various legal provisions for debt recovery by banks and financial institutions as follows: - Summary proceedings under Order XXXVII of the Code of Civil Procedure, 1908. ? Ordinary recovery proceedings, under civil law. ?Original applications are to be filed by banks and financial institutions before the Debt Recovery Tribunal for a debt of at least Rs. 10 lakhs, under the Bank Recovery Act, 1993 due to banks and financial institutions. financial institutions (DRT law). ?An action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act 2002 (Securitization Act). ?Arbitration proceedings under the Arbitration and Conciliation Act, 1996, for recovery of unpaid amount as stated in the arbitration agreement/clause in the loan documents, in cases where the Act, 1993 on the recovery of debts owed to banks and financial institutions is not applicable. ?Initiation of criminal action in addition to civil proceedings for prosecution and punishment under the Indian Penal Code and other laws where the debt is also tainted by fraud, cheating, mischief, etc. Keep in mind: this is just a sample. Get a custom paper now from our expert writers.Get a custom essayFiling a criminal complaint under section 138 of the Negotiable Instruments Act, 1881 for dishonor of any check issued by the borrower to bank in discharge of legally enforceable liability.

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