Recovery of Debts Due to Banks and Financial Institutions Act : Deposit of amount of debt due, on

Recovery of Debts Due to Banks and Financial Institutions Act,1993

Act No : 51

Section : Deposit of amount of debt due, on filing appeal.

21. Deposit of amount of debt due, on filing appeal. Where, an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal seventy-five per cent. of the amount of debt so due from him as determined by the Tribunal under section 19: Provided that the Appellate Tribunal may, for reasons to be re- corded in writing, waive or reduce the amount to be deposited under this section.