Section 25: Modes of recovery of debts

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The Recovery of Debts due to Banks and Financial Institutions Act, 1993

Chapter V

Recovery of Debt determined by Tribunal

Section 25: Modes of recovery of debts.

25. The Recovery Officer shall, on receipt of the copy of the certificate under sub-section (7) of section 19, proceed to recover the amount of debt specified in the certificate by one or more of the following modes, namely:

(a) attachment and sale of the movable or immovable property of the defendant;

1[(aa) taking possession of property over which security interest is created or any other property of the defendant and appointing receiver for such property and to sell the same;]

(b) arrest of the defendant and his detention in prison;

(c) appointing a receiver for the management of the movable or immovable properties of the defendant;

1[(d) any other mode of recovery as may be prescribed by the Central Government.]


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Amendments:

1. Ins. by s. 38, ibid. (w.e.f. 1-9-2016).

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