Section 2 of RDDB Act : Section 2: Definitions
RDDB Act
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Explanation using Example
Imagine a situation where a business, XYZ Pvt. Ltd., has taken a loan from a bank, ABC Bank, to expand its operations. Over time, XYZ Pvt. Ltd. fails to repay the loan as per the agreed terms, accumulating a significant debt inclusive of the principal amount and interest. ABC Bank, after several failed attempts to recover the money, decides to approach the Debts Recovery Tribunal (DRT) to recover the outstanding debt from XYZ Pvt. Ltd.
In this scenario:
- The bank (ABC Bank) files an application to the DRT under section 19 of the Recovery of Debts and Bankruptc...
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