Section 31 in The Recovery Of Debts And Bankruptcy Act, 1993

Title: Transfer of pending cases

Description: (1) Every suit or other proceeding pending before any court immediately before the date of establishment of a Tribunal under this Act, being a suit or proceeding the cause of action whereon it is based is such that it would have been, if it had arisen after such establishment, within the jurisdiction of such Tribunal, shall stand transferred on that date to such Tribunal: Provided that nothing in this sub-section shall apply to any appeal pending as aforesaid before any court: 1[Provided further that any recovery proceedings in relation to the recovery of debts due to any multi-State co-operative bank pending before the date of commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 (1 of 2013) under the Multi-State Co-operative Societies Act, 2002 (39 of 2002), shall be continued and nothing contained in this section shall apply to such proceedings.] (2) Where any suit or other proceeding stands transferred from any court to a Tribunal under sub-section (1),-- (a) the court shall, as soon as may be after such transfer, forward the records of such suit or other proceeding to the Tribunal; and (b) the Tribunal may, on receipt of such records, proceed to deal with such suit or other proceeding, so far as may be, in the same manner as in the case of an application made under section 19 from the stage which was reached before such transfer or from any earlier stage 2*** as the Tribunal may deed fit. 1 Ins. by Act 1 of 2013, s. 16 (w.e.f. 15-1-2013). 2. The words "de novo" omitted by Act 1 of 2000, s. 13 (w.e.f. 17-1-2000).

Title: Power of Tribunal to issue certificate of recovery in case of decree or order

Description: 1[31A. Power of Tribunal to issue certificate of recovery in case of decree or order.-- (1) Where a decree or order was passed by any court before the commencement of the Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000 (1 of 2000) and has not yet been executed, then, the decree-holder may apply to the Tribunal to pass an order for recovery of the amount. (2) On receipt of an application under sub-section (1), the Tribunal may issue a certificate for recovery to a Recovery Officer. (3) On receipt of a certificate under sub-section (2), the Recovery Officer shall proceed to recover the amount as if it was a certificate in respect of a debt recoverable under this Act.] 1 Ins. by s. 14, ibid. (w.e.f. 17-1-2000).

Title: Priority to secured creditors

Description: 1[31B. Priority to secured creditors.-- Notwithstanding anything contained in any other law for the time being in force, the rights of secured creditors to realise secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or local authority. Explanation.-- For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code.] 1 Ins. by Act 44 of 2016, s. 41 (w.e.f. 1-9-2016).

Title: Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants

Description: 1[32. Chairperson, Presiding Officer and staff of Appellate Tribunal and Tribunal to be public servants.-- The Chairperson of an Appellate Tribunal, the Presiding Officer of a Tribunal, the Recovery Officer and other officers and employees of an Appellate Tribunal and a Tribunal shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).] 1 Subs. by Act 1 of 2000, s. 15, for section 32 (w.e.f. 17-1-2000)

Title: Protection of action taken in good faith

Description: No suit, prosecution or other legal proceeding shall lie against the Central Government or against 1[the Presiding Officer of a Tribunal or the Chairperson of an Appellate Tribunal] or against the Recovery Officer for anything which is in good faith done or intended to be done in pursuance of this Act or any rule or order made thereunder. 1 Subs. by s. 2, ibid., for "the Presiding Officer of a Tribunal or of an Appellate Tribunal" (w.e.f. 17-1-2000)