Section 27 of RDDB Act : Section 27: Stay Of Proceedings Under Certificate And Amendment Or Withdrawal Thereof
RDDB Act
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Explanation using Example
Imagine a situation where Company XYZ has defaulted on a loan from ABC Bank. The Debt Recovery Tribunal (DRT) issues a recovery certificate to the Recovery Officer to recover the outstanding amount from XYZ. However, XYZ approaches the DRT and requests more time to pay back the debt. The Presiding Officer of the DRT agrees to XYZ's request, on the condition that XYZ makes an immediate payment of 25% of the debt and commits to paying the remaining ...
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