Section 17 of RDDB Act : Section 17: Jurisdiction, Powers And Authority Of Tribunals

RDDB Act

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Explanation using Example

Imagine a scenario where XYZ Bank has provided a loan to Mr. John Doe. Mr. Doe has failed to repay the loan despite several reminders and notices from the bank. XYZ Bank decides to take legal action to recover the outstanding debt. According to Section 17(1) of The Recovery of Debts and Bankruptcy Act, 1993, XYZ Bank can approach the Debt Recovery Tribunal (DRT) to file an application for the recovery of the debt owed by Mr. Doe.

In another instance, if Mr. Doe's business is facing insolvency and XYZ Bank needs to recover its debt within the proceedings of t...

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