SAREEN
Banks and Financial Institutions Act, 1993 (hereinafter referred
to as the ‘RDDB Act’) was enacted, providing for specialized
Date ... notified by the Central
Government. Further, it was stated that the RDDB Act does not
include in its term the NBFC. These factors were stated
Debts Due to Banks and
Financial Institutions Act, 1993 (hereinafter called the RDDB Act)
filing O.A.No.46 of 2013 on the file ... realisation of the amount due, under Sections
25 to 29 of the RDDB Act. The Recovery Officer issued notice dated
rules referred to the amount of debt due under the RDDB Act instead of the Income Tax Act . The question is whether the said ... above principles to the case at hand Section 29 of the RDDB Act incorporates the provisions of the Rules found in the Second Schedule
Banks and Financial Institutions Act, 1993 (In short "RDDB"). Hence, the applicant/ original 1st defendant bank prayed for rejection of the plaint ... Contract Act. According to the respondent/original plaintiff that RDDB Act only bars suits by banks for recovery from being filed in Civil Courts
Banks and Financial Institutions Act, 1993 (In short "RDDB"). Hence, the applicant/ original 1st defendant Bank prayed for rejection of the plaint ... Contract Act. According to the 1st respondent/original plaintiff that RDDB Act only bars suits by banks for recovery from being filed in Civil Courts
Debts Due to Banks and Financial Institutions Act (in
short "the RDDB Act") was held as illegal and void due to
non-compliance ... with modification as if the said
rules are engrafted in the RDDB Act, instead of the Income Tax Act .
The said view was expressed
Banks and Financial Institutions Act, 1993 (In short "RDDB"). Hence, the applicant/ original 1st defendant Bank prayed for rejection of the plaint ... Contract Act. According to the 1st respondent/original plaintiff that RDDB Act only bars suits by banks for recovery from being filed in Civil Courts
addition to, in the present case
to Section 29 of the RDDB Act. Once
we steer clear of the said position
without any hesitation ... transfer would apply
automatically. We have already
extracted Section 29 of the RDDB Act,
as well as Schedule 2 Part I Rule
present case is that, instead of
the recovery process under the RDDB Act, we are
concerned with an arbitration proceeding. It is trite ... within the scope and
jurisdiction of the Debt Recovery Tribunal under the
RDDB Act, could be referred to arbitration when both
parties have incorporated such
intention of Parliament
to cover applications for recovery of debts under the RDDB
Act while enacting Section 22 of SICA. As observed earlier,
the obvious ... duty of this Court to consider SICA,
after the enactment of the RDDB Act to ascertain the true
intent and purpose of providing that
