Section 31B in The Recovery Of Debts And Bankruptcy Act, 1993
Title: Priority to secured creditors
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
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
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)
Title: Act to have overriding effect
(1) Save as provided under sub-section (2), the provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act.
(2) The provisions of this Act or the rules made thereunder shall be in addition to, and not in derogation of, the Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 (63 of 1951), the Unit Trust of India Act, 1963 (52 of 1963), the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984), 1[the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and the Small Industries Development Bank of India Act, 1989 (39 of 1989).]
1 Subs. by Act 1 of 2000, s. 16, for "and the Sick Industrial Companies (Special Provisions) Act, 1985" (w.e.f. 17-1-2000).
Title: Power to remove difficulties
(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for removing the difficulty:
Provided that no such order shall be made after the expiry of the period of three years from the date of commencement of this Act.
(2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament.