| One of the major fears for a money lender, be it a bank or a financial institution, is the possible risk of default by the borrowers. Though such defaults could be considered as a commercial risk, the debt recovery mechanism was very cumbersome and time consuming. It has been causing a serious resource crunch for the lenders. To provide for a speedy mechanism, separate Debts Recovery Tribunals have been constituted under the new 1993 Act. This book discusses at length the statutory provisions with support of case-law from allied legislations. It will prove to be very useful to banks, financial institutions, lawyers and the borrowers. |
