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Date: 25-Apr-2024 Category: Extra Ordinary State: Union Government Country: India

Amendment of Notification dated 06.09.2018 raising the pecuniary jurisdiction of DRT.

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

What it means

  • This notification pertains to amendments in the notification S.O. 4312(E) dated 6th September, 2018, related to the Recovery of Debts and Bankruptcy Act, 1993. The amendment extends the applicability of the original notification to include certain debts for which recovery applications were filed with the Debts Recovery Tribunal (DRT) during a specific period.

Key Changes

  • The notification amends S.O. 4312(E) dated 6th September, 2018.
  • It extends the applicability of the original notification to debts for which recovery applications were filed before the DRT between 26th September, 2018 and 30th June, 2019.
  • The original notification was published on 6th September, 2018, and previously amended on 11th July, 2019 vide S.O. 2478(E).

Impact Analysis

Debtors

  • Action Item: Debtors should review their cases and understand how this amendment affects their ongoing proceedings at the DRT.

Creditors/Financial Institutions

  • Action Item: Creditors should ensure their recovery processes align with the provisions of the Act, considering this amendment.

Debts Recovery Tribunals (DRTs)

  • Action Item: DRTs should update their operational guidelines to reflect this amendment and ensure consistent application.

Legal Professionals

  • Action Item: Legal professionals should update their knowledge base to include this amendment and its implications for cases before the DRT.

Key Entities Referenced

Central Government: The issuer of the notification, acting through the Ministry of Finance (Department of Financial Services). Recovery of Debts and Bankruptcy Act, 1993: The principal legislation under which the notification is issued and amended. Debts Recovery Tribunal (DRT): The adjudicating authority where recovery applications are filed. S.O. 4312(E), dated 6th September, 2018: The original notification being amended. S.O. 2478(E), dated 11th July, 2019: The previous amendment to the original notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-25042024-253855 xxxGIDHxxx CG-DLxx-xEG-I2D5E0x4x2x0 24-253855 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1704] नई दिल्ली, बृहस्ट्प जतिार, अप्रलै 25, 2024/ििै ाख 5, 1946 No. 1704] NEW DELHI, THURSDAY, APRIL 25, 2024/VAISAKHA 5, 1946 जित्त मंत्रालय (जित्तीय सेिाएं जिभाग) अजधसचू ना नई दिल्ली, 25 अप्रैल, 2024 का.आ. 1796(अ).—केन्द्रीय सरकार, ऋण िसूली और िोधन अक्षमता अजधजनयम, 1993 (1993 का 51) की धारा 1 की उप-धारा (4) द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (ii), तारीख 6 जसतम्बर, 2018 म ें प्रकाजित भारत सरकार, जित्त मंत्रालय, जित्तीय सेिाएं जिभाग की अजधसूचना संखयांक का.आ.4312(अ), तारीख 6 जसतम्बर, 2018, में जनम्नजलजखत संिोधन करती है, अर्ाात:- उि अजधसूचना के अंत में आनेिाले “दकन्द्तु ये ऐसे ऋणों के संबंध में लागू होते रहगें े जिनके संबंध में इस अजधसूचना के प्रकािन की तारीख अर्ाात 6 जसतम्बर, 2018 के पूिा ऋण िसूली अजधकरण के समक्ष िसूली हते ु आिेिन फाइल कर दिया गया है” िब्िों के पश्चात “ और ऐसे ऋणों को जिनके संबंध में अर्ाात (26 जसतम्बर, 2018 से 30 िून, 2019 ) अिजध के बीच ऋण िसूली अजधकरण के समक्ष िसूली हते ु आिेिन फाइल कर दिया गया है” िब्ि, अंक और अक्षर अंत:स्ट्र्ाजपत दकये िायेंगे। [फा. सं. 3/4/2018-डीआरटी] सुधीर श्याम, आर्र्ाक सलाहकार टटप्पण: मूल अजधसूचना भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii), तारीख 6 जसतम्बर, 2018 को प्रकाजित की गई र्ी और तत्पश्चात संखयांक का.आ. 2478(अ), तारीख 11 िुलाई, 2019 के द्वारा संिोजधत की गई र्ी। 2707 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 25th April, 2024 S.O. 1796(E).— In exercise of the powers conferred by sub-section (4) of section 1 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Financial Services S.O. 4312(E) dated the 6th September, 2018, published in the Gazette of India, Extraordinary Part II, section 3, sub- section (ii), dated the 6th September, 2018, namely:- In the said notification, after the words “but shall continue to apply to debts in respect of which an application for recovery has been filed before the Debts Recovery Tribunal prior to the date of publication of this notification, that is to say, the 6th day of September, 2018”, occurring at the end, the words, figures and letters “and to debts in respect of which an application for recovery has been filed before the Debts Recovery Tribunal between the period, that is to say, 26th September, 2018 to 30th June, 2019” shall be inserted. [F. No. 3/4/2018-DRT] SUDHIR SHYAM, Economic Advisor Note: The principal notification was published in the Gazette of India, Extraordinary Part II section 3 sub-section (ii) dated the 06th September, 2018 and was subsequently amended vide number S.O. 2478 (E) dated the 11th July, 2019. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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