https://www.taxtmi.com/caselaws?id=275324 The Supreme Court upheld the constitutional validity of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, dismissing challenges on grounds of being unreasonable and violative of Article 14. It affirmed the legislative competence of Parliament to enact the Act under Entry 45 of List I, emphasizing the essential function of debt recovery for banks. The Court rejected claims of Article 14 violation, noting amendments addressing concerns. It upheld the jurisdiction and powers of Tribunals, ensuring independence of Presiding Officers and adherence to natural justice principles. Specific provisions were deemed valid, providing safeguards for effective debt recovery mechanisms. The appeals were allowed, affirming the Act's validity and directing parties to address merits before the Tribunals. en-us Thu, 14 Mar 2002 00:00:00 +0530 Thu, 27 Sep 2018 14:55:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275324 The Supreme Court upheld the constitutional validity of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993, dismissing challenges on grounds of being unreasonable and violative of Article 14. It affirmed the legislative competence of Parliament to enact the Act under Entry 45 of List I, emphasizing the essential function of debt recovery for banks. The Court rejected claims of Article 14 violation, noting amendments addressing concerns. It upheld the jurisdiction and powers of Tribunals, ensuring independence of Presiding Officers and adherence to natural justice principles. Specific provisions were deemed valid, providing safeguards for effective debt recovery mechanisms. The appeals were allowed, affirming the Act's validity and directing parties to address merits before the Tribunals. Case-Laws Indian Laws Thu, 14 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275324