Recovery of Debts Determined by Tribunal and Miscellaneous Provisions: Jaiib/DBF Paper 3 (Module C) Unit-12

Recovery of Debts Determined by Tribunal and Miscellaneous Provisions: Jaiib/DBF Paper 3 (Module C) Unit-12

Dear bankers,

As we all know that is Recovery of Debts Determined by Tribunal and Miscellaneous Provisions for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are Recovery of Debts Determined by Tribunal and Miscellaneous Provisions (Unit-12), Banking Related Laws (Module C), Legal & Regulatory Aspects of Banking -Paper 3.

♦Modes of Recovery of Debts

  • On receipt of the copy of the recovery certificate issued under Section 19(22) DRT Act, the Recovery officer has to proceed to recover the amount specified in the certificate.

♦Validity of Recovery Certificate

  • One of the Rules under the Act (5A) says that when any party wants to have a review of the order passed by the Tribunal or the Recovery certificate issued by the Tribunal on the ground that error is apparent on the face to the record, he can make application for review within 60 days of passing the order or issuing the certificate.

♦Application of Certain Provisions of The Income Tax Act

  • Provision of Section 29 of this Act are linked to certain section of the Income Tax Act, 1961. For its effective purpose and to avoid its repetition in this Act, it is stated that these provisions will apply as if provided in this Act and Rules framed there under.
  • The section says that the provisions of the Second Schedule and Third Schedule to the Income tax Act, 1961 and the Income Tax (certificate Proceedings) Rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if those provisions and rules refer to debt due under this Act.

♦Power of Tribunal to issue certificate of Recovery in case of Decree or order

  • If there is a decree or order passed by any court before coming into operation the DRT Act and the decree or order is not yet executed, the decree-holder, may apply to the Tribunal for issue of recovery certificate. There is no fresh hearing or tribal, etc. in such cases and the Tribunal has to directly issue the recovery certificate based on the decree of the Civil Court.

♦Chairperson, Presiding officer and Staff of Appellate Tribunal and Tribunal Public Servants

  • The Chairperson of an Appellate Tribunal, the Presiding officer of a tribunal, the Recovery officer and other officers of the Appellate Tribunal and Tribunal are deemed public servants within the meaning of Section 21 of the Indian Penal Code.

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