Section 1 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993

 

Section 1 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993

1. Short title, extent, commencement and application.

(1)This Act may be called The Recovery of Debts [and Bankruptcy] [Substituted 'Due to Banks and Financial Institutions' by Insolvency and Bankruptcy Code, 2016, Section 249.] Act, 1993.

(2)It extends to the whole of India except the State of Jammu and Kashmir.

(3)It shall be deemed to have come into force on the 25th day of June, 1993.

(4)[Save as otherwise provided, the provisions of this Code] [Substituted 'The provisions of this Act' by Insolvency and Bankruptcy Code, 2016, Section 249.] shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.