Prashant Shashi Ruia vs State Bank Of India on 16 December, 2021
61 It is to be pointed out that the term 'Debt' defined under Section
2(g) of the Act means any liability which is alleged as due from any
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C/SCA/11199/2019 CAV JUDGMENT DATED: 16/12/2021
person by a Bank during the course of any business activity undertaking
by the Bank, in cash or otherwise, whether secured or unsecured,
subsisting on, and legally recoverable on, the date of the application, as
per the decision in the case of Tapan Kumar Mukhoty v. Bank of Madura
Limited, 2001 D.R.T.C. 91 at page 99 (Cal.)
62 It is to be made mention of Section 17 of the RDDBFI Act, 1993
that a Tribunal shall exercise, on and from the appointed day, the
jurisdiction, powers and authority to entertain and decide applications
from the banks and financial institutions for recovery of debts due to
them.