Question

    The provisions of the Recovery of Debts and Bankruptcy

    Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is ______________ or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify
    A Less than ten lakh rupees Correct Answer Incorrect Answer
    B More than ten lakh rupees Correct Answer Incorrect Answer
    C Not Less than ten lakh rupees Correct Answer Incorrect Answer
    D Not more than ten lakh rupees Correct Answer Incorrect Answer
    E No such limit prescribed Correct Answer Incorrect Answer

    Solution

    Section 1. Short title, extent, commencement and application: (4) Save as otherwise provided, the provisions of this Code Act shall not apply where the amount of debt due to any bank or financial institution or to a consortium of banks or financial institutions is less than ten lakh rupees or such other amount, being not less than one lakh rupees, as the Central Government may, by notification, specify.

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