Section 3 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993

 

Section 3 in The Recovery Of Debts Due To Banks And Financial Institutions Act, 1993

3. Establishment of Tribunal.

(1)The Central Government shall, by notification, establish one or more Tribunals, to be known as the Debts Recovery Tribunal, to exercise the jurisdiction, powers and authority conferred on such Tribunal by or under this Act.

(1A)[ The Central Government shall by notification establish such number of Debts Recovery Tribunals and its benches as it may consider necessary, to exercise the jurisdiction, powers and authority of the Adjudicating Authority conferred on such Tribunal by or under the Insolvency and Bankruptcy Code, 2016.] [Inserted by Insolvency and Bankruptcy Code, 2016, Section 249.]

(2)The Central Government shall also specify, in the notification referred to in sub-section (1), the areas within which the Tribunal may exercise jurisdiction for entertaining and deciding the applications filed before it.