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[Cites 0, Cited by 0] [Section 28(3)] [Section 28] [Entire Act]

Union of India - Subsection

Section 28(3)(vi) in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993

(vi)Where a person to whom a notice under this sub-section is sent objects to it by a statement on oath that the sum demanded or the part thereof is not due to the defendant or that he does not hold any money for or on account of the defendant, then, nothing contained in this sub-section shall be deemed to require such person to pay any such sum or part thereof, as the case may be, but if it is discovered that such statement was false in any material particular, such person shall be personally liable to the Recovery Officer to the extent of his own liability to the defendant on the date of the notice, or to the extent of the defendants liability for any sum due under this Act, whichever is less.