Home India Ministry of Finance In exercise of the powers conferred by sub section 2 of sect...
Date: 2018-08-24 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section 2 of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Executive Summary: This notification, G.S.R. 809(E), published on August 24, 2018, announces amendments to the Government of India's notification G.S.R. 15(E), dated January 9, 2007, regarding the area of jurisdiction for Debts Recovery Tribunals in Chennai. The amendments redefine the jurisdictional areas of Debts Recovery Tribunal-I, II, and III, Chennai, by specifying taluks and districts. These changes are made in exercise of the powers conferred by sub-section 2 of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Key Points / Main Content: Jurisdictional Amendments: Debts Recovery Tribunal-I, Chennai: The jurisdiction now includes Egmore-Nungambakkam Taluk in Chennai district, and the districts of Villupuram, Thanjavur, Cuddalore, Vellore, and Pudukottai in Tamil Nadu. Debts Recovery Tribunal-II, Chennai: The jurisdiction now includes Mylapore-Triplicane, Mambalam-Guindy, and Fort-Tondiarpet Taluks in Chennai district, and the districts of Thiruvanamalai and Krishnagiri in Tamil Nadu. Debts Recovery Tribunal-III, Chennai: The jurisdiction now includes Perambur-Purasawalkam Taluk in the district of Chennai and districts of Kancheepuram, Tiruvallur, Dharmapuri, Perambalur, Ariyalur, Nagapatinam and Tiruvarur in the State of Tamil Nadu and the Union Territory of Puducherry. Impact Analysis: Debts Recovery Tribunals (I, II, and III), Chennai: Impact: Tribunals must adjust their case intake and processing based on the redefined jurisdictional boundaries, potentially affecting caseload and operational focus. Action Required: Update internal records, inform staff, and implement procedures to reflect the new jurisdictional areas. Banks and Financial Institutions: Impact: Banks and financial institutions need to understand the revised jurisdictional areas to correctly file recovery cases with the appropriate Debts Recovery Tribunal in Chennai. Action Required: Update internal guidelines and train relevant staff on the new jurisdictional boundaries for Chennai-related debt recovery cases. Litigants and Debtors: Impact: Litigants and debtors must be aware of the new jurisdictional areas to ensure cases are filed in the correct tribunal, potentially affecting case outcomes and legal processes. Action Required: Consult with legal counsel to determine the appropriate tribunal for filing or responding to debt recovery cases based on the updated jurisdictional boundaries.

Key Entities Referenced

Recovery of Debts Due to Banks and Financial Institutions Act, 1993: A law enacted in 1993 concerning the recovery of debts owed to banks and financial institutions. Central Government: The executive authority of the Republic of India. Ministry of Finance: The ministry responsible for the financial matters of the Government of India. Department of Financial Services: A department within the Ministry of Finance. Debts Recovery Tribunal I, Chennai: A Debts Recovery Tribunal located in Chennai, Tamil Nadu. Debts Recovery Tribunal II, Chennai: A Debts Recovery Tribunal located in Chennai, Tamil Nadu. Debts Recovery Tribunal III, Chennai: A Debts Recovery Tribunal located in Chennai, Tamil Nadu. Tamil Nadu: A state in southern India.
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