CONSTITUTIONALITY OF RECOVERY OF DEBT DUE TO BANKS AND PUBLIC FINANCIAL INSTITUTIONS ACT,1993
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Abstract
This research paper extensively deals with the law on Recovery of Debt Due to Banks and
Public Financial Institutions Act,1993. There was a need for such an act due to the dynamic
change in the economics and less liquidity in the markets, hence the masses rely on banks for
loans in return the bank charge interests. With high volumes of such transaction huge defaults
started to occur which hamper the liquidity and the market conditions therefore the parliament
came up with enacting the act by the authority of which the banks and various financial
institutions have a way to be repaid. The major focus is on the act and its constitutionality so
challenged in the case of Union of India V. Delhi High Court Bar Assn. The act provides for
establishment of tribunals which are to adjudicate on banking related matters only. The act is
a procedural law and is a special act meaning formed for a specific nature of litigation. The
paper deals analytically with the constitutionality of the act keeping in mind its objective, the
very important two amendment acts that is of 1995 and the year 2000, which brings about
changes in the act that removes the various lacunas present. The judgment is extensively dealt
issue by issue while analyzing the reasoning behind why its constitutionality was challenged
as violating to Article 14 of the constitution of India.
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