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The Recovery Of Debts And Bankruptcy Act, 1993
What is the full name of the act commonly referred to as the RDB Act, 1993?
The full name is the Recovery of Debts and Bankruptcy Act, 1993, which was enacted to provide for the establishment of Debt Recovery Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions.
What is the minimum threshold debt amount for filing before a DRT under the amended RDB Act?
Rupees twenty lakh or more after 2018 amendment
What was the primary objective behind enacting the Recovery of Debts and Bankruptcy Act, 1993?
The primary objective was to provide a speedy mechanism for recovery of debts due to banks and financial institutions by setting up specialised Debt Recovery Tribunals (DRTs), bypassing the slow ordinary civil courts.
How many DRTs are currently operational across India under the RDB Act?
Approximately thirty-nine DRTs across major Indian cities
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