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Section 34 – 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 34. Act to have overriding effect

(1) Save as provided under sub-section (2), the provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act. (2) The provisions of this Act or the rules made thereunder shall be in addition to, and not in derogation of, the Industrial Finance Corporation Act,1948 (15 of 1948) the State Financial Corporations Act,1951 (63 of 1951) the Unit Trust of India Act,1963 (52 of 1963), the Industrial Reconstruction Bank of India Act,1984 (62 of 1984) 1[and the Sick Industrial Companies (Special Provisions) Act,1985 and the Small Industries Development Bank of India Act,1989](1 of 1986).

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

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

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