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Question

As per the Recovery of Debts and Bankruptcy Act where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal _____________ from him as determined by the Tribunal under section 19

A Fifty per cent of the amount Correct Answer Incorrect Answer
B Fifty per cent of the amount of credit Correct Answer Incorrect Answer
C Fifty per cent of the amount of debt so due Correct Answer Incorrect Answer
D Fifteen per cent of the amount of debt so due Correct Answer Incorrect Answer
E Any such amount as the Appellate Tribunal may direct Correct Answer Incorrect Answer

Solution

Section 21. Deposit of amount of debt due, on filing appeal: Where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained by the Appellate Tribunal unless such person has deposited with the Appellate Tribunal fifty per cent of the amount of debt so due from him as determined by the Tribunal under section 19.

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