Section 21 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993
21. Deposit of amount of debt due, on filing appeal.
- Where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal [fifty per cent.] [Substituted by Act No. 44 of 2016.] of the amount of debt so due from him as determined by the Tribunal under section 19:Provided that the Appellate Tribunal may, for reasons to be recorded in writing, [reduce the amount to be deposited by such amount which shall not be less than twenty-five per cent. of the amount of such debt so due] [Substituted by Act No. 44 of 2016.] to be deposited under this section.
