The Recovery Of Debts And Bankruptcy Act, 1993

The Recovery Of Debts And Bankruptcy Act, 1993 is an Indian law act that was enacted to provide a framework for the speedy recovery of debts due to banks and financial institutions from defaulting individuals and companies. The act provides for the establishment of Debt Recovery Tribunals and Debt Recovery Appellate Tribunals to hear and decide disputes related to debt recovery. It also provides for the appointment of Recovery Officers to assist in the recovery process. The act has provisions for the enforcement of security interests, the creation of asset reconstruction companies, and the regulation of insolvency professionals.