What are the modes of recovery which can be used by the recovery officer to recover the debts determined by the Debt Recovery Tribunal under the Recovery of Debts and Bankruptcy Act?
CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · December 2020
What are the modes of recovery which can be used by the recovery officer to recover the debts determined by the Debt Recovery Tribunal under the Recovery of Debts and Bankruptcy Act?
Answer & Explanation:
Section 25 of the Recovery of Debts and Bankruptcy Act, 1993 provide the modes of recovery of debts by the Recovery Officer. These are (a) attachment and sale of the movable or immovable property of the defendant; (b) taking possession of property over which security interest is over created or any other property of the defendant and appointing receiver for such property and to sell the same (c) arrest of the defendant and his detention in prison; (d) appointing a receiver for the management of the movable or immovable properties of the defendant; (e) Any other mode of recovery as may be prescribed by the Central Government.
Topics: Debt Recovery
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