Test Preparation on IBPS SO Mains Law Officer Mock Test-3

Chapter 4 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 covers the procedure of tribunals. It comprises application to the tribunal, appeals to the appellate tribunal, Deposit of amount of debt due, on filing an appeal, Procedure and Powers of the Tribunal and the Appellate Tribunal, Right to legal representation and Presenting Officer, etc. the provisions under this Chapter cover Sections 19-24 of the Act.

Though the SAFAESI act was able to provide effective measures to the secured creditors to recover their long-standing dues from the Non performing assets, yet it made certain provisions regarding the rights
of the borrowers For redressing the grievances, the borrowers can approach firstly the DRT and thereafter the DRAT in appeal. The limitation period is 45 days and 30 days respectively.

The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for the resolution of complaints relating to certain services rendered by banks. All Scheduled Commercial Banks, Regional Rural Banks, and Scheduled Primary Cooperative Banks are covered under the Scheme.

Under Section 5 of the Payment of Wages Act, 1936 

(a) any railway, factory or industrial, or another establishment upon or in which less than one thousand persons are employed, shall be paid before the expiry of the seventh day, 

(b) any other railway, factory or industrial or other establishments shall be paid before the expiry of the tenth day, after the last day of the wage period in respect of which the wages are payable.

Some cities have more than one Debts Recovery Tribunals. New Delhi, Chennai, Kolkata, and Mumbai have three Debts Recovery Tribunals. Ahmedabad and Chandigarh has two Debts Recovery Tribunal (DRT)
each. One Debts Recovery Tribunal has been constituted at Allahabad, Aurangabad, Bangalore, Coimbatore, Cuttack, Ernakulum, Guwahati, Hyderabad, Jabalpur, Jaipur, Lucknow, Madurai, Nagpur, Patna, Pune,
Vishakhapatnam and Ranchi.

As per Section 2 (m) of the Factories Act 1948,
“factory” means any premises including the precincts
thereof-
(i) whereon ten or more workers are working, or were
working on any day of the preceding twelve months, and
in any part of which a manufacturing process is being
carried on with the aid of power, or is ordinarily so
carried on, or

(ii) whereon twenty or more workers are working, or
were working on any day of the preceding twelve
months, and in any part of which a manufacturing
process is being carried on without the aid of power, or
is ordinarily so carried on,- but does not include a mine
subject to the operation of the Mines Act, 1952 (XXXV of
1952) or a mobile unit belonging to the armed forces of
the Union, a railway running shed or a hotel, restaurant
or eating place.