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Section 2 – The Recovery of Debts Due To Banks and Financial Institutions Act,1993

The Recovery of Debts Due To Banks and Financial Institutions Act,1993

Section 2. Definitions

In this Act, unless the context otherwise requires, –

(a) “Appellate Tribunal” means an Appellate Tribunal established under sub-section (1) of Sec. S;

(b) “Application” means an application made to a Tribunal under Sec.19;

(c) “Appointed day” , in relation to a Tribunal or an Appellate Tribunal, means the a -ate on which such Tribunal is established under sub-section (1) of Sec. 3 or, as the case may be, sub-section (1) of Sec. 8;

(d) “Bank” means-

(i) A banking company;

(ii) A corresponding new bank;

(iii) State Bank of India;

(iv) A subsidiary bank; or

(v) A Regional Rural Bank;

(e) “Banking company” shall have the meaning assigned to it in Cl. (c) of Sec. 5 of the Banking Regulation Act,1949 (10 of 1949);

1[(ea) “Chairperson” means a Chairperson of an Appellate Tribunal appointed under section 9;]

(f) “Corresponding new bank” shall have the meaning assigned to it in Cl. (da) of Sec. 57of the Banking Regulation Act,1949 (10 of 1949);

(g) 2[“Debt” means any liability (inclusive of interest) which is claimed as due from any person by a bank or a financial institution or by a consortium of banks or financial institutions during the course of any business activity undertaken by the bank or the financial institution or the consortium under any law for the time being in force, in cash or otherwise, whether secured or unsecured, or assigned, or whether payable under a decree or order of any Civil Court or any arbitration award or otherwise or under a mortgage and subsisting on, and legally recoverable on, the date of the application;]

(h) “Financial institution” means-

(i) A public financial institution within the meaning of Sec. 4-A of the Companies Act,1956 (1 of 1956);

3[“(i-a) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (54 of 2002)];”.

(ii) Such other institution as the Central Government may, having regard to its business activity and the area of its operation in India, by notification, specify;

(i) “Notification” means a notification published in the Official Gazette;

(j) “Prescribed” means prescribed by rules made under this Act;

1[(ja) “Presiding Officer” means the Presiding Officer of the Debts Recovery Tribunal appointed under sub-section (1) of section 4;]

(k) “Recovery Officer” means a Recovery Officer appointed by them Central Government for each Tribunal under sub- section (1) of Sec. 7;

(1) “Regional Rural Bank” means a Regional Rural Bank established under Sec. 3 of the Regional Rural Banks Act,1976 (21 of 1976);

(m) “State Bank of India” means the State Bank of India constituted under Sec. 3 of the State Bank of India Act,1955, (23 of 1955);

(n) “Subsidiary bank” shall have the meaning assigned to it in Cl. (k) of Sec. 2 of the State Bank of India (Subsidiary Banks) Act,1959, (38 of 1959);

(o) “Tribunal” means the Tribunal established under sub-section (1) of Sec. 3.

——————–

1. Inserted by Act 1 of The Recovery of Debts due to Banks and Financial Institutions (Amendment) Act,2000, dt. 25-03-2000

2. Substituted by Act 1 of The Recovery of Debts due to Banks and Financial Institutions (Amendment) Act,2000, dt. 25-03-2000

3. Inserted by Act No. 30 of 2004 w.e.f. 29-12-2004.

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