r recovery. Sub-section (18) lists various powers of the Court, such as appointment of a receiver, removal of a person from possession of property, etc. Section 19(22) empowers the Court to issue a certificate for recovery of debt, which has been taken at par with the decree of a civil court on recovery of money. DEBT RECOVERY – LEGAL FRAMEWORK IN INDIA The Indian legal system includes various legal provisions for recovery of debts from banks and financial institutions as follows: - Summary suits under Order XXXVII of the Code of Civil Procedure, 1908. ? Ordinary causes of recovery, according to civil law. ?Original applications to be filed by banks and financial institutions before the Debt Recovery Tribunal for debts not less than Rs. 10 lakh, under the Recovery of Bank Due to Banks & Financial Institutions Act, 1993 (DRT Act). ?An action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (Securitization Act). ?Arbitration proceedings under the Arbitration & Conciliation Act, 1996, for recovery of the amount due as per the arbitration agreement/clause in the loan documents, in cases where the Recovery of Debts due to Banks and Financial Institutions Act of 1993 is not applicable. ?Initiation of criminal proceedings as well as civil proceedings for prosecution and punishment under the Indian Penal Code and other laws where the debt is also tainted by fraud, cheating, wrongdoing, etc. Please note: this is just an example. Get a custom paper now from our expert writers. Get a Custom Essay Filing a criminal complaint under Section 138 of the Negotiable Instruments Act, 1881 for dishonor of any check issued by the borrower to the bank in legally enforceable discharge of liability.

Topic > r recovery. Sub-section (18) lists various powers of the Court, such as appointment of a receiver, removal of a person from possession of property, etc. Section 19(22) empowers the Court to issue a certificate for recovery of debt, which has been taken at par with the decree of a civil court on recovery of money. DEBT RECOVERY – LEGAL FRAMEWORK IN INDIA The Indian legal system includes various legal provisions for recovery of debts from banks and financial institutions as follows: - Summary suits under Order XXXVII of the Code of Civil Procedure, 1908. ? Ordinary causes of recovery, according to civil law. ?Original applications to be filed by banks and financial institutions before the Debt Recovery Tribunal for debts not less than Rs. 10 lakh, under the Recovery of Bank Due to Banks & Financial Institutions Act, 1993 (DRT Act). ?An action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (Securitization Act). ?Arbitration proceedings under the Arbitration & Conciliation Act, 1996, for recovery of the amount due as per the arbitration agreement/clause in the loan documents, in cases where the Recovery of Debts due to Banks and Financial Institutions Act of 1993 is not applicable. ?Initiation of criminal proceedings as well as civil proceedings for prosecution and punishment under the Indian Penal Code and other laws where the debt is also tainted by fraud, cheating, wrongdoing, etc. Please note: this is just an example. Get a custom paper now from our expert writers. Get a Custom Essay Filing a criminal complaint under Section 138 of the Negotiable Instruments Act, 1881 for dishonor of any check issued by the borrower to the bank in legally enforceable discharge of liability.