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Question

Any application made under section 19(1) of the Recovery of Debts and Bankruptcy Act for seeking permission from the Debts Recovery Tribunal shall be dealt with by it as expeditiously as possible and disposed of ____________ from the date of such application

A Within thirty days Correct Answer Incorrect Answer
B Within sixty days Correct Answer Incorrect Answer
C Within ninety days Correct Answer Incorrect Answer
D Within fifteen days Correct Answer Incorrect Answer
E Within one hundred and twenty days Correct Answer Incorrect Answer

Solution

Section 19. Application to the Tribunal: Section 19(1)(c) the cause of action, wholly or in part, arises: Provided that the bank or financial institution may, with the permission of the Debts Recovery Tribunal, on an application made by it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004) for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), if no such action had been taken earlier under that Act: Provided further that any application made under the first proviso for seeking permission from the Debts Recovery Tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of within thirty days from the date of such application.

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