Object & Reasons▼
Statement of Objects and Reasons.
Amendment Act 1 of 2000-Statement of Objects and Reasons.
(i) the Act does not contain provisions for set-off, counter-claims or transfer of cases from one Tribunal to another;
(ii) the Act has placed the Tribunals on a pedestal higher than the High Court in respect of monetary jurisdiction; and
(iii) the judiciary has been given no role in the appointment of Presiding Officers.
(i) set-off and counter-claims, appointment of Receivers and Commissioners by the Tribunal, transfer of cases from one Tribunal to another and appointment of more than one Recovery Officer in a Tribunal;
(ii) empowering the Tribunals to issue certificate for recovery of enhanced or reduced amount on the basis of the final order of the Appellate Tribunal; (iii) empowering the Chairperson of the Appellate Tribunal to appraise the work of Presiding Officers of Tribunals and discharge functions of the Chairperson of another Appellate Tribunal; (iv) the transfer of recovery certificate from one Tribunal to another Tribunal to facilitate recovery; (v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.
(iii) empowering the Chairperson of the Appellate Tribunal to appraise the work of Presiding Officers of Tribunals and discharge functions of the Chairperson of another Appellate Tribunal;
(iv) the transfer of recovery certificate from one Tribunal to another Tribunal to facilitate recovery; (v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.
(v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.
(vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.
Section 1 • The Recovery of Debts and Bankruptcy Act, 1993
1. Short title, extent, commencement and application.
recovery-of-debts-and-bankruptcy-act-1993-sec-1.json
•
Section 1
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"content": "Object & Reasons▼\nStatement of Objects and Reasons.\nAmendment Act 1 of 2000-Statement of Objects and Reasons.\n(i) the Act does not contain provisions for set-off, counter-claims or transfer of cases from one Tribunal to another;\n(ii) the Act has placed the Tribunals on a pedestal higher than the High Court in respect of monetary jurisdiction; and\n(iii) the judiciary has been given no role in the appointment of Presiding Officers.\n(i) set-off and counter-claims, appointment of Receivers and Commissioners by the Tribunal, transfer of cases from one Tribunal to another and appointment of more than one Recovery Officer in a Tribunal;\n(ii) empowering the Tribunals to issue certificate for recovery of enhanced or reduced amount on the basis of the final order of the Appellate Tribunal; (iii) empowering the Chairperson of the Appellate Tribunal to appraise the work of Presiding Officers of Tribunals and discharge functions of the Chairperson of another Appellate Tribunal; (iv) the transfer of recovery certificate from one Tribunal to another Tribunal to facilitate recovery; (v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.\n(iii) empowering the Chairperson of the Appellate Tribunal to appraise the work of Presiding Officers of Tribunals and discharge functions of the Chairperson of another Appellate Tribunal;\n(iv) the transfer of recovery certificate from one Tribunal to another Tribunal to facilitate recovery; (v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.\n(v) empowering the Tribunals to distribute sale proceeds among the secured creditors in accordance with the provisions of section 529-A of the Companies Act; (vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.\n(vi) the laying of notifications issued under sub-section (4) of section 1, section 3 and section 8 of the Act before Parliament.",
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