New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Under the Recovery of Debts and Bankruptcy Act where a

    bank or a financial institution has to recover any debt from any person, it may make an application to the Tribunal within the local limits of whose jurisdiction__________________
    A Cause of action, wholly or in part, arises Correct Answer Incorrect Answer
    B Branch or any other office of the bank or financial institution is maintaining an account in which debt claimed is outstanding, for the time being Correct Answer Incorrect Answer
    C Defendant before the time of making the application, actually and voluntarily resides, or carries on business, or personally works for gain Correct Answer Incorrect Answer
    D All a b & c Correct Answer Incorrect Answer
    E Either a or b Correct Answer Incorrect Answer

    Solution

    Section 19. Application to the Tribunal: 19. Application to the Tribunal.-- (1) Where a bank or a financial institution has to recover any debt from any person, it may make an application to the Tribunal within the local limits of whose jurisdiction: (a) the branch or any other office of the bank or financial institution is maintaining an account in which debt claimed is outstanding, for the time being; or (aa) the defendant, or each of the defendants where there are more than one, at the time of making the application, actually and voluntarily resides, or carries on business, or personally works for gain; or (b) any of the defendants, where there are more than one, at the time of making the application, actually and voluntarily resides, or carries on business, or personally works for gain; or (c) the cause of action, wholly or in part, arises.

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